Iren Prices $1.63 Billion Share Offering to Fund Convertible Notes Repurchase

MT Newswires Live12-03 19:54

Iren (IREN) said Wednesday that it has priced its offering of 39.7 million ordinary shares at $41.12 per share, with the transaction expected to close on Monday.

The company said it plans to use the gross proceeds, expected to be $1.63 billion, to repurchase its existing 2029 and 2030 convertible notes that have initial conversion prices of $13.64 and $16.81, respectively.

Concurrently, Iren said it has entered into agreements with certain holders of its 3.25% convertible senior notes due 2030 and 3.50% notes due 2029 to repurchase $227.7 million and $316.6 million principal amounts, respectively, for a total repurchase price of $1.63 billion.

In addition, Iren said it has priced a previously announced private offering of $1 billion of 0.25% convertible senior notes due 2032 and $1 billion of 1% convertible senior notes due 2033. Initial purchasers have options to buy up to an additional $150 million of each note series. This offering is also expected to close on Monday.

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