IREN has priced an upsized $500 million convertible senior notes offering due 2029, with a 3.50% coupon rate and 30% conversion premium. The offering, increased from the initially announced $450 million, includes capped call transactions with a cap price of $20.98 per share. The notes will convert at an initial rate of 73.3229 ordinary shares per $1,000 principal amount, representing a conversion price of $13.64 per share. IREN expects net proceeds of approximately $486.1 million, which will be used for capped call transactions ($48.9M), prepaid forward transaction ($92.5M), and general corporate purposes. The company also entered into a prepaid forward share purchase transaction worth $92.5M to facilitate hedging for note investors. The notes will mature on December 15, 2029, with settlement scheduled for June 13, 2025.