04:54 PM EDT, 10/07/2025 (MT Newswires) -- IREN (IREN) said Tuesday it plans to offer $875 million in convertible senior notes due 2031 in a private placement to institutional buyers, with an option for initial purchasers to buy an additional $125 million.

The notes will be unsecured and pay interest semiannually until maturing on July 1, 2031, unless redeemed, repurchased, or converted earlier, IREN said.

The company said the notes may be converted into cash, ordinary shares, or a mix of both, and may be redeemed for cash on or after Jan. 8, 2029, if certain price conditions are met.

IREN added that it intends to use proceeds to fund capped call transactions and for general corporate purposes and working capital.