04:35 AM EDT, 10/15/2025 (MT Newswires) -- (Updates with the stock price movement in the headline and the last paragraph.)

Iren ( IREN ) closed a private offering of $1 billion in zero-coupon convertible senior notes due 2031 to institutional buyers.

The offering was oversubscribed, and initial purchasers fully exercised their overallotment option to buy an additional $125 million of the notes, the company said Tuesday.

Net proceeds of $979 million will be used to cover the cost of certain capped call transactions and for general corporate purposes.

Iren ( IREN ) shares were up 5.5% in recent premarket activity Wednesday.