04:55 AM EDT, 10/08/2025 (MT Newswires) -- (Updates with the stock move in the headline and the second paragraph.)

Iren ( IREN ) said late 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.

Shares of the company were 3.2% lower in recent premarket activity Wednesday.

The notes will be unsecured and pay interest semiannually until maturing July 1, 2031, unless redeemed, repurchased, or converted earlier, Iren ( 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 ( IREN ) added that it intends to use proceeds to fund certain capped call transactions and for general corporate purposes and working capital.