---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-25-044888"
form_type: "8-K"
ticker: "IREN"
cik: "0001878848"
company_name: "IREN Ltd"
filed_at: "2025-12-08T23:59:59+00:00"
generated_at: "2026-05-16T14:05:21.109430+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# IREN closes $2.3B convertible notes offering, repurchases $544.3M existing notes

## Summary
- Issued $1.15B 0.25% notes (2032) and $1.15B 1.00% notes (2033); greenshoe fully exercised.
- Repurchased $227.7M of 3.25% 2030 notes and $316.6M of 3.50% 2029 notes for ~$1.632B total.
- Funded via registered direct offering of 39,699,102 shares at $41.12/share, raising net ~$2.27B.
- Capped call transactions cost $201M, cap price $82.24/share (100% premium over $41.12).
- Net proceeds of ~$2.068B for general corporate purposes after repurchases and fees.

## SEC filing metadata
- accession: 0001140361-25-044888
- form_type: 8-K
- ticker: IREN
- cik: 0001878848
- company_name: IREN Ltd
- filed_at: 2025-12-08T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1878848/000114036125044888/0001140361-25-044888-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1878848/000114036125044888/ef20060782_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-25-044888
- JSON: https://secwatch.observer/filing/0001140361-25-044888.json
- Plain text: https://secwatch.observer/filing/0001140361-25-044888.txt

## Key facts
- Debt Financings
  IREN Ltd incurred convertible notes of $1.15 billion and $1.15 billion (plus $150 million and $150 million from full exercise of option) with initial purchasers at 0.25% per annum for 2032 Notes; 1.00% per annum for 2033 Notes maturing June 1, 2032 for 2032 Notes; June 1, 2033 for 2033 Notes.
  - Instrument: convertible notes
  - Principal: $1.15 billion and $1.15 billion (plus $150 million and $150 million from full exercise of option)
  - Counterparty: initial purchasers
  - Rate: 0.25% per annum for 2032 Notes; 1.00% per annum for 2033 Notes
  - Maturity: June 1, 2032 for 2032 Notes; June 1, 2033 for 2033 Notes
  - Event: incurrence
  source text: On December 8, 2025 (the “Closing Date”), IREN Limited (the “Company”) issued $1.15 billion aggregate principal amount of its 0.25% convertible senior notes due 2032 (the “2032 Notes”) and $1.15 billion aggregate principal amount of its 1.00% convertible senior notes due 2033 (the “2033 Notes” and, together with the 2032 Notes, the “Notes,” and the offering of such Notes, the “Notes Offering”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1878848/000114036125044888/0001140361-25-044888-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.