We advised IREN on the offering

Davis Polk advised IREN Limited on its Rule 144A offering of $440 million aggregate principal amount of its 3.25% convertible senior notes due 2030, which included $40 million aggregate principal amount of notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. We also advised the company on the related capped call and prepaid forward transactions.

The convertible senior notes were issued on December 6, 2024. IREN Limited intends to use a portion of the proceeds from the offering to fund the cost of entering into the capped call and prepaid forward transactions and the remainder of the net proceeds for general corporate purposes and working capital.

IREN Limited is an Australian-based leading data center business powering the future of bitcoin, AI and beyond, utilizing 100% renewable energy. IREN Limited’s portfolio of next-generation data centers consists of purpose-built infrastructure for high-performance and power-dense computing applications.

The Davis Polk capital markets team included partner Marcel Fausten and associates Meaghan Kennedy and Sakiko Nishida. The equity derivatives team included partner Mark J. DiFiore, counsel Katharine O’Banion, associates Danielle Forni and Ji Hwan Kim. Partner Lucy Farr provided tax advice. Partner Pritesh P. Shah provided intellectual property advice. Partner Veronica M. Wissel provided executive compensation advice. All members of the Davis Polk team are based in the New York office.

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