Bitcoin
And AI data operator plans Iren to raise $ 450 million through a private sale of convertible senior notes, the company said in A Press release.
Notes, due to 2029, are offered to qualified institution buyers and can expand another $ 50 million if initial consumers take an optional allocation.
Unsurprising notes will pay semiannual interest and may be converted to Iren’s ordinary sharing under certain conditions. The company has the option to redeem notes starting in mid -2028 if the stock is trading at 30% above the conversion price for a set period of time.
Iren said it intends to use the proceeds for a couple of financial techniques intended to offset the potential dilution of equity and market risk. These are the Capped Call Transactions and a Prepaid Forward Re -buy Sharing.
These hedges are designed to reduce the impact of converting to the future notes and can support the company’s sharing price by limiting the number of new shares released.
“If, however, market price in every ordinary part of the Iren, as measured under terms of Capped Call transactions, exceeds the cap of capped call transactions, however will be dilution and/or will not have an offset of potential cash payments,” the firm wrote.
Earlier this year, Iren Called the expansion of Bitcoin mining to favor AI data centers. Its shares drop by 6.8% leading the opening bell.
