Core Points - IREN Limited has successfully closed a private offering of $1.0 billion in convertible senior notes due 2031, which were oversubscribed due to strong investor demand [1][3] - The net proceeds from the offering are approximately $979.0 million, intended for capped call transactions and general corporate purposes [4][7] - The capped call transactions are designed to reduce potential dilution of IREN's ordinary shares upon conversion of the notes, with an initial cap price of $120.18 per share, representing a 100% premium over the last reported sale price [4][5] Transaction Details - The offering was oversubscribed, leading to the full exercise of an additional $125 million option by initial purchasers [3] - The notes carry a 0.00% coupon and a 42.5% conversion premium, with no put option for investors except in certain fundamental changes [6] - Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC acted as active bookrunners for the offering [6] Use of Proceeds - Approximately $56.7 million of the net proceeds will fund the cost of the capped call transactions [7] - The remaining proceeds will be allocated for general corporate purposes and working capital [7] Company Overview - IREN is a leading developer and operator of next-generation data centers, focusing on Bitcoin mining, AI cloud services, and AI data centers, utilizing 100% renewable energy [10] - The company has secured 2,910 MW of grid-connected power across over 2,000 acres in the U.S. and Canada, with a multi-gigawatt development pipeline [10] - IREN operates 810 MW of data centers and is one of the world's largest and lowest-cost Bitcoin producers with 50 EH/s of installed self-mining capacity [10]