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IREN Limited completes $3 billion convertible bond issuance to expand AI computing power and data center deployment
The issuance structure includes $2.6 billion in the base amount and $400 million in an over-allotment, with a final net raise of approximately $2.96 billion, a coupon rate of 1%, and a conversion premium of about 32.5%.
The company also implemented a "capped call" hedge arrangement to partially reduce dilution pressure from future stock conversions, but additional dilution may still occur if the stock price significantly exceeds the exercise cap of approximately $110.3.
Regarding the use of funds, about $201 million is allocated for hedge structure arrangements, with the remaining funds mainly for general corporate purposes and working capital, widely interpreted by the market as further investment in AI data centers and GPU computing expansion.
This financing reflects how AI infrastructure companies are locking in capital early through large-scale debt and convertible bond instruments to meet the ongoing growth in computing power demand and infrastructure development cycles.
(Source: BlockBeats)