IREN Raises $2.3B, Repurchases Debt in Balance Sheet Overhaul

Source: CryptoNewsNet Original Title: IREN Raises $2.3B, Repurchases Debt in Balance Sheet Overhaul Original Link: IREN (IREN), a bitcoin miner, completed a refinancing that combined a $2.3 billion convertible senior-note offering with a $544.3 million repurchase of existing convertible notes.

The new issuance includes $1 billion of 0.25% notes due 2032, $1 billion of 1% notes due 2033 and a fully exercised $300 million greenshoe to meet excess demand.

IREN also executed capped-call transactions intended to hedge any share dilution should the notes be converted, providing protection up to an initial $82.24 per share. The notes do not include any investor put rights except for a standard provision related to fundamental changes, according to the announcement.

The repurchase included $316 million of 3.50% notes due 2029 with a $13.64 conversion price and $227.7 million of 3.25% notes due 2030 with a $16.81 conversion price. The repurchase was funded through a registered direct placement of about 39.7 million ordinary shares.