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.
The combined transactions generated roughly $2.27 billion in net proceeds, reduced IREN’s average annual cash coupon burden and extended the maturity profile of its convertible debt.
After covering capped call costs and the repurchase, IREN plans to use the remaining proceeds for general corporate purposes and working capital, supporting the continued expansion of its bitcoin mining and data center operations.
IREN fell 1% in pre-market trading to $45 per share, some 40% below its November all-time high.
Source: https://www.coindesk.com/markets/2025/12/09/iren-raises-23b-repurchases-debt-in-balance-sheet-overhaul
