CANBERA (dpa-AFX) - Iris Energy Ltd. or IREN Ltd. (IREN) on Wednesday announced the pricing of its private offering of $400 million aggregate principal amount of 3.25 percent convertible senior notes, due 2030.
The offering size was increased from the previously announced $300 million of notes.
The transaction is scheduled to be settled on December 6.
The company intends to use the net proceeds to fund the cost of entering into the capped call transactions, to fund the cost of entering into the prepaid forward transaction, and for general corporate purposes and working capital.
IREN also granted the initial purchasers of the notes an option to purchase up to an additional $40 million of notes.
The firm expects net proceeds from the offering will be around $386.5 million, or approximately $425.4 million, if the initial purchasers fully exercise their option to purchase additional notes.
Capped call transactions entered into in connection with the notes, which are expected to provide a hedge upon conversions up to an initial cap price of $25.86 per share.
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