TechFlow News, May 15: IREN Limited (NASDAQ: IREN) announced the completion of a $3.0 billion issuance of 1.00% convertible senior notes due 2033. The offering comprises a $2.6 billion primary issuance and a $400 million over-allotment option, which has been fully exercised, resulting in net proceeds of approximately $2.96 billion. The notes carry a conversion premium of 32.5%, and investors have no redemption rights.
Concurrently, IREN entered into capped call transactions with an initial cap price of $110.30 per share (a 100% premium to the reference price) to hedge against equity dilution arising from note conversions; related costs amount to approximately $201.3 million. Remaining proceeds will be used for general corporate purposes and working capital. IREN is a vertically integrated AI cloud service provider specializing in large-scale data centers and GPU cluster services for AI training and inference, with operations spanning North America, Europe, and the Asia-Pacific region.
