TechFlow reports that on May 11, Bitcoin mining company and AI cloud service provider IREN announced its intention to issue $2 billion in convertible senior notes due 2033 to qualified institutional buyers via a private placement. The initial purchasers will also have an option to purchase up to an additional $300 million in notes within 13 days after the initial issuance. The notes will mature on December 1, 2033, with interest paid semiannually; terms including the coupon rate and initial conversion price will be determined at pricing. IREN plans to use a portion of the proceeds for capped call option transactions, and the remainder for general corporate purposes and working capital.
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