secwatch.observer — SEC 8-K summary
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Issuer:     IREN Ltd (IREN)
CIK:        0001878848
Form:       8-K
Filed at:   2025-10-09T23:59:59+00:00
Accession:  0001140361-25-037753
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IREN prices $875M zero-coupon convertible notes due 2031 with 42.5% conversion premium
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- $875M principal, 0.00% coupon, due July 1, 2031; initial conversion price ~$85.63/share ($60.09 reference).
- Net proceeds ~$856.5M ($979M if full $125M option exercised); $49.6M for capped call transactions.
- Capped calls provide hedge up to $120.18/share (100% premium) to reduce dilution on conversion.
- Initial purchasers have option to buy additional $125M notes; settlement expected Oct 14, 2025.
- Remaining net proceeds for general corporate purposes and working capital.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1878848/000114036125037753/0001140361-25-037753-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1878848/000114036125037753/ef20056800_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-25-037753

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