IREN slides after unveiling convertible bonds offering, direct stock deal

IREN

01/12/2025 22:10

** Data center operator IREN's IREN.O shares slide 6% to $45.58 in extended trading

** IREN announces private offering of $1 billion of convertible bonds due 2032 and $1 billion of convertible bonds due 2033

** Separately, IREN will sell ordinary shares in a registered direct offering

** Proceeds from the offerings will be used to repurchase a portion of existing convertible bonds, to fund capped call transactions to help mitigate dilution, general purposes and working capital

** IREN has ~283.5 million outstanding shares, per LSEG

** 10 of 14 brokerages rate the stock "buy" or higher, two "hold" and two "sell"; median PT $80 — data compiled by LSEG

** As of last close, IREN stock up 393.8% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))