IREN launches $2B convertible notes offering due 2033, plus $300M overallotment

IREN Ltd

$2B aggregate principal of 2033 convertible senior notes, with $300M overallotment option for initial purchasers.
Proceeds to fund capped call transactions and for general corporate purposes and working capital.
Interest rate, conversion rate and other terms to be determined at pricing; notes are senior unsecured.
Concurrently expects to unwind a portion of existing 2029 and 2030 capped call transactions.
Capped calls intended to reduce potential dilution upon conversion, subject to a cap price.

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