AI infrastructure company IREN completes $3 billion convertible bond issuance

Techub News, according to crypto.news, AI infrastructure company IREN announced the completion of a $3 billion convertible senior notes offering, with a coupon rate of 1.00% and a maturity date of 2033. The offering includes a $2.6 billion initial issuance and the full exercise of a $400 million over-allotment option, with net proceeds of approximately $2.96 billion to be used for capped call transactions, working capital, and general corporate purposes. This financing comes after the company reached a $3.4 billion agreement with Nvidia and a $9.7 billion AI cloud infrastructure agreement with Microsoft, driving its committed revenue to exceed $15 billion. The company, formerly known as Bitcoin mining company Iris Energy, has now shifted to a "Neocloud" model, providing computing power for AI training and inference through large-scale data centers and GPU clusters in North America, Europe, and the Asia-Pacific region.