IREN IREN Ltd
Price Chart
Executive Summary
IREN issued $3.0B of 1% convertible senior notes due 2033, with net proceeds of ~$2.96B after costs, including $201.3M for capped call transactions that hedge dilution up to a $110.30 cap price. The offering included full exercise of a $400M greenshoe. Proceeds will be used for general corporate purposes and working capital.
Key Financial Metrics
Actionable Insight
The convertible offering adds significant leverage but at a low cost, with capped calls limiting dilution up to $110.30. Monitor the company's use of proceeds and any subsequent capital allocation decisions. The partial unwind of 2029 capped calls is a minor offset.
Key Facts
- $3.0 billion aggregate principal amount of 1.00% convertible senior notes due 2033 issued
- Initial conversion price ~$73.07 per share (32.5% premium over $55.15 reference price)
- Capped call transactions costing $201.3 million with initial cap price of $110.30 per share
- Net proceeds after discounts and estimated expenses approximately $2.96 billion
- Full exercise of $400 million greenshoe by initial purchasers
- Company used $201.3 million of proceeds to fund capped call transactions
- Remainder of net proceeds intended for general corporate purposes and working capital
Financial Impact
$3.0 billion debt issuance with 1% coupon, net proceeds of approximately $2.96 billion, and $201.3 million spent on capped call hedges.
Risk Factors
- Potential dilution if IREN's stock price exceeds the $110.30 cap price
- Increased financial leverage with $3.0 billion in new debt
- Annual interest expense of $30 million on the notes
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-021285 |
| Document: ef20073507_ex10-1.htm | 0001140361-26-021285 |
| Document: ef20073507_8k.htm | 0001140361-26-021285 |
| Document: ef20073507_ex99-1.htm | 0001140361-26-021285 |
| Document: 0001140361-26-021285-index-headers.html | 0001140361-26-021285 |
| Document: 0001140361-26-021285-index.html | 0001140361-26-021285 |
| Document: 0001140361-26-021285.txt | 0001140361-26-021285 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 3, 2026
10d ago
|
Press Release
| $65.48 $61.86 | ▼ −5.53% | ▼ −5.93% | $59.77 (−8.72%) |
|
Jun 1, 2026
12d ago
|
8-K
| $65.33 $66.60 | ▲ +1.94% | ▲ +1.80% | $59.77 (−8.51%) |
|
May 26, 2026
17d ago
|
8-K
| $67.84 $64.05 | ▼ −5.59% | ▼ −6.13% | $59.77 (−11.90%) |
|
May 26, 2026
17d ago
|
Press Release
| $67.84 $64.05 | ▼ −5.59% | ▼ −6.13% | $59.77 (−11.90%) |
|
May 18, 2026
26d ago
|
Press Release
| $50.46 $47.74 | ▼ −5.39% | ▼ −4.74% | $59.77 (+18.45%) |
|
May 14, 2026
29d ago
|
8-K
| $52.94 $50.46 | ▼ −4.68% | ▼ −4.62% | $59.77 (+12.90%) |
|
May 11, 2026
4w ago
|
8-K
| $55.15 $56.56 | ▼ −2.56% | ▼ −2.69% | $59.77 (−8.38%) |
|
May 7, 2026
5w ago
|
Press Release
| $61.20 $55.15 | ▼ −9.89% | ▼ −10.12% | $59.77 (−2.34%) |
|
May 7, 2026
5w ago
|
Press Release
| $61.20 $55.15 | ▼ −9.89% | ▼ −10.12% | $59.77 (−2.34%) |
|
May 5, 2026
5w ago
|
Press Release
| $54.74 $60.98 | ▲ +11.40% | ▲ +10.01% | $59.77 (+9.19%) |
US Market Status
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