IREN Plans $2 Billion Convertible Note Offering Due 2033

Bitcoin mining company and AI cloud service provider IREN has announced plans to issue $2 billion in convertible senior notes due in 2033 through a private placement to qualified institutional buyers. According to Foresight News, initial buyers will have the option to purchase up to an additional $300 million within 13 days of the initial issuance. The notes will mature on December 1, 2033, with interest paid semi-annually. The interest rate and initial conversion price will be determined at the time of pricing. IREN intends to use part of the proceeds for capped call transactions, with the remainder allocated for general corporate purposes and working capital.