07:31 AM EDT, 10/09/2025 (MT Newswires) -- Iren ( IREN ) said Thursday it has priced its offering of $875 million of 0% convertible senior notes due 2031 in a private offering.

The initial conversion rate is 11.6784 ordinary shares per $1,000 principal amount of the notes, or an initial conversion price of about $85.63 per share.

Initial purchasers have been granted a 13-day option to purchase up to an additional $125 million in principal amount of notes.

In connection with the pricing, the company entered into privately negotiated capped call transactions with one of the initial purchasers or its affiliate. The cap price of the capped call transactions is initially $120.18 per share.

Net proceeds from the offering are estimated to be about $856.5 million, or about $979 million if the initial purchasers fully exercise their overallotment option.

About $49.6 million of the net proceeds will be used to fund the cost of entering into the capped call transactions, with the remaining proceeds to be used for general corporate purposes and working capital.

The issuance and sale of the notes are set to be settled on Oct. 14.