04:47 PM EST, 12/06/2024 (MT Newswires) -- Iren ( IREN ) late Friday said it closed on an upsized $440 million private placement of 3.25% convertible senior notes due 2030.

The offering also included about $40 million in gross proceeds after underwriters for the deal exercised options to buy additional stock to cover their overallotments

The company, which increased the size of the deal by 33% over its original plan to offer $300 million of the convertible securities, expects to receive about $425.4 million in net proceeds after first paying underwriter discounts and other offering expenses.

Iren ( IREN ) is expecting to use about $44.4 million of the proceeds for a capped call transaction to reduce the potential dilution of existing investors if the new notes are converted into common stock. It will use another $73.7 million to settle a prepaid forward share purchase agreement with one of the initial buyers of the notes, it said.

The remaining funds will be used for general corporate purposes, the company added.