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$IREN
IREN drops 8%, announces $2B convertible notes offering
IREN (IREN) announced a $2B convertible senior notes offering due 2033, with a $300M greenshoe option.
The net proceeds will fund capped call transactions, with the remainder for general corporate purposes and working capital.
The notes will be senior, unsecured obligations of IREN (IREN), will accrue interest payable semi-annually in arrears and will mature on December 1, 2033. The structure also includes redemption rights starting June 2030.
The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.
The stock price declined about 8% on Monday during pre-market trade.