Bitcoin Mining Firm CANON Completes $2.3 Billion Convertible Senior Notes Offering

BlockBeats News, December 9th, according to CoinDesk, Bitcoin mining firm IREN has completed a refinancing transaction, including a $2.3 billion convertible senior notes issuance and a $544.3 million existing convertible bond repurchase.

The newly issued bonds include: $1 billion principal amount 0.25% notes due in 2032; $1 billion principal amount 1% notes due in 2033; and a $300 million over-allotment fully exercised to meet additional demand.

In addition, IREN also executed a capped call transaction to hedge against potential equity dilution from the bond conversions and provided protection for an initial price of $82.24 per share. The announcement stated that, apart from customary terms related to significant changes, the notes do not include any investor put options.