Pro
IREN: Maintaining Bullish View Post Refinancing
Transaction Recap
IREN closed a comprehensive capital raise in December that reshapes its funding profile for the AI buildout:
New Convertible Notes
- $2.3B across two series: 2032 notes ($1.15B at 0.25% coupon) and 2033 notes ($1.15B at 1.00% coupon)
- Conversion price of $51.40 per share, a 25% premium to the $41.12 equity offer
- Issuer call available from late 2028/2029 if stock trades ≥130% of strike (~$66.80)
Equity Raise & Note Repurchase
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