secwatch.observer — SEC 8-K summary
======================================

Issuer:     IREN Ltd (IREN)
CIK:        0001878848
Form:       8-K
Filed at:   2026-05-12T10:06:06+00:00
Accession:  0001140361-26-020669
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1878848/000114036126020669/0001140361-26-020669-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1878848/000114036126020669/ef20073131_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-26-020669

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer