IREN Ltd (IREN): debt financing — IREN closes $1.0B 0.00% convertible note offering due 2031; oversubscribed

IREN Ltd

Offering upsized to $1.0B from $875M with full exercise of $125M greenshoe.
Net proceeds of ~$979M; $56.7M used for capped call transactions.
Initial conversion price ~$85.63 per share (42.5% premium) and cap price $120.18 (100% premium).
Notes are senior unsecured, zero coupon, mature July 1, 2031, with no put except on fundamental change.
Capped calls reduce dilution up to $120.18; intended to offset potential cash payments upon conversion.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

IREN Ltd incurred convertible notes of $1.0 billion principal amount of its 0.00% Convertible Senior Notes due 2031 at 0.00% maturing July 1, 2031.

Instrument: convertible notes
Principal: $1.0 billion principal amount of its 0.00% Convertible Senior Notes due 2031
Rate: 0.00%
Maturity: July 1, 2031
Event: incurrence

Exact text from the filing

On October 14, 2025 (the “Closing Date”), IREN Limited (the “Company”) issued $1.0 billion principal amount of its 0.00% Convertible Senior Notes due 2031 (the “Convertible Notes”).

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

IREN Ltd issued up to 16,641,700 ordinary shares of convertible note to qualified institutional buyers for $1.0 billion principal amount.

Security: convertible note
Shares: up to 16,641,700 ordinary shares
Purchaser: qualified institutional buyers
Consideration: $1.0 billion principal amount

Exact text from the filing

Act. ☐ Item 1.01 Entry Into a Material Definitive Agreement Indenture and Convertible Notes On October 14, 2025 (the “Closing Date”) , IREN Limited (the “Company”) issued $1.0 billion principal amount of its 0.00% Convertible Senior Notes due 2031 (the “Convertible Notes”). The Convertible Notes were issued pursuant to, and are governed by, an indenture (the

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10 debt financings filed in the last 30 days. Browse all debt financings →

IREN Ltd filing history →

Source: SEC EDGAR

accession 0001140361-25-038083

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