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

ChainCatcher reported that Bitcoin mining company IREN (IREN) has completed a refinancing transaction, including the issuance of $2.3 billions in convertible senior notes and the repurchase of $544.3 millions in existing convertible bonds.

The newly issued bonds include: $1 billion in notes with a coupon rate of 0.25% maturing in 2032; $1 billion in notes with a coupon rate of 1% maturing in 2033; and a $300 millions over-allotment that was 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. According to the announcement, except for standard terms related to significant changes, these notes do not contain any investor put rights.