Bitcoin mining company IREN issues $400 million in convertible senior notes

NASDAQ-listed Bitcoin mining company IREN announced the issuance of $400 million of convertible senior notes (3.25% coupon rate, 30% conversion premium), an increase from the previously announced $300 million in aggregate principal amount of notes. The issuance and sale of the 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 purchase up to $40 million in additional principal amount of the notes within 13 days (including the date) from the date of the initial issuance of the notes and settle. IREN estimates that the net proceeds from the offering will be approximately $386.5 million (approximately $425.4 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting discounts and commissions to the initial purchasers and IREN's estimated offering expenses. In addition, IREN said it plans to expand its Bitcoin mining computing power to 50 EH/s by the first half of 2025. (GlobeNewswire)