According to Odaily, Nasdaq-listed Bitcoin mining company IREN has announced the issuance of $400 million in convertible senior notes. These notes carry an interest rate of 3.25% and a conversion premium of 30%. This issuance marks an increase from the previously announced $300 million principal amount. The issuance and sale of these notes are scheduled to settle on December 6, 2024, subject to customary closing conditions.
IREN has also granted the initial purchasers of the notes an option to buy up to an additional $40 million in principal amount of notes within 13 days from the initial issuance date, including the day of issuance. After accounting for discounts, commissions, and estimated issuance expenses, IREN expects the net proceeds from this offering to be approximately $386.5 million. If the initial purchasers fully exercise their option to purchase additional notes, the net proceeds could reach approximately $425.4 million.
Furthermore, IREN has outlined plans to expand its Bitcoin mining capacity to 50 EH/s by the first half of 2025. This strategic move is part of the company's broader efforts to enhance its operational capabilities and market position in the rapidly evolving cryptocurrency mining industry.
Kikyo
