IREN prices upsized $2.6B 1.00% convertible notes due 2033, increased from $2.0B

IREN Ltd

• $2.6B aggregate principal of 1.00% convertible senior notes due 2033; initial purchasers have option for additional $400M.
• Conversion premium 32.5%; initial conversion price ~$73.07 per share based on $55.15 closing price on May 11.
• Net proceeds estimated at $2.57B; ~$174.5M used for capped call cost, remainder for general corporate purposes.
• Capped call transactions with cap price of $110.30 per share (100% premium) to reduce potential dilution.
• Offering expected to close on May 14, 2026; notes will mature December 1, 2033.

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