Bitcoin mining company IREN announces issuance of $875 million convertible senior notes

According to ChainCatcher, Nasdaq-listed Bitcoin mining company IREN announced that it has completed the pricing of convertible senior notes totaling $875 million, with a 0% interest rate and maturing in 2031.

IREN has also granted the initial purchasers of the notes an option to purchase up to an additional $125 million principal amount of notes within 13 days from the initial issuance date. IREN estimates that, after deducting the initial purchasers’ discount and estimated offering expenses, the net proceeds from this offering will be approximately $856.5 million (or approximately $979 million if the initial purchasers fully exercise their option to purchase additional notes). IREN plans to use approximately $49.6 million of the net proceeds to pay the cost of capped call transactions, and the remaining net proceeds will be used for general corporate purposes and working capital.