IREN prices $2B convertible notes, launches $1.6B equity offering to refinance existing notes

IREN Ltd

$1B 0.25% notes due 2032 and $1B 1.00% notes due 2033 priced; initial conversion price ~$51.40 (25% premium).
Registered direct offering of 39.7M shares at $41.12 for ~$1.63B gross proceeds to fund repurchase.
Repurchase of ~$544M principal of existing 2029 and 2030 convertible notes for ~$1.63B (including accrued interest).
Capped call transactions entered with cap price $82.24/share (100% premium) to reduce dilution potential.
Net proceeds from notes offering ~$1.97B; settlement expected Dec 8, 2025.

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