05:10 AM EDT, 06/11/2025 (MT Newswires) -- Iren ( IREN ) said Wednesday it priced a private offering of $500 million of 3.5% convertible senior notes due Dec. 15, 2029, for about $486.1 million in expected net proceeds.

The offering was upsized from a previously planned $450 million.

The company said the initial purchasers have an overallotment option to acquire up to $50 million of additional notes.

Iren ( IREN ) expects the offering to close Friday and plans to use the net proceeds to fund certain capped call transactions, among other things.

The company's shares were down 2.8% in recent premarket activity.