Bitcoin Mining Firm CANON Completes $2.3 Billion Convertible Senior Notes Offering

Dec. 9 (CoinDesk) — Bitcoin mining firm IREN has closed a refinancing transaction, which includes a $2.3 billion issuance of convertible senior notes and a $544.3 million repurchase of its existing convertible bonds. The newly issued notes consist of $1 billion in 0.25% notes maturing in 2032, $1 billion in 1% notes maturing in 2033, and a $300 million over-allotment that was fully exercised to meet additional demand. Additionally, IREN entered into a capped call transaction to hedge against potential equity dilution from note conversions, with protection set at an initial price of $82.24 per share. The announcement noted the notes do not include any investor put options, aside from customary provisions related to material changes.