Bitcoin mining company IREN completes $2.3 billion convertible senior notes issuance

AI Summary: Bitcoin mining company IREN has completed a $2.3 billion convertible senior notes issuance and a $544.3 million convertible bond buyback. The company has launched bonds maturing in 2032 and 2033, and has taken measures to hedge against equity dilution risk.

According to BlockBeats, on December 9, CoinDesk reported that bitcoin miner IREN (IREN) completed a refinancing transaction, including a $2.3 billion convertible senior notes issuance and a $544.3 million buyback of existing convertible bonds. The newly issued bonds include: $1 billion of notes with a 0.25% coupon rate maturing in 2032; $1 billion of notes with a 1% coupon rate maturing in 2033; and a $300 million over-allotment fully exercised to meet additional demand. In addition, IREN executed capped call transactions to hedge against potential equity dilution from bond conversions and to provide protection at an initial price of $82.24 per share. The announcement stated that, except for standard terms related to major changes, the notes do not contain any investor put rights.