| Issuer / Guarantor | IREN Limited |
|---|---|
| Size | USD 875mn |
| Type | Convertible |
| Leads | Citigroup, Goldman Sachs |
| Maturity | 01 Jul 2031 (5.7 years) |
| Coupon | 0% |
| Premium | 30 - 35% |
| Calls | NC3.25; PC @ 130% w table MW |
| Puts | t/o @ 100% |
| Div protection | Ratio adjustment (Full) |
| T/o protection | Make-whole table |
| CoCo | 130% to Mar 2031 (5.5 yrs) |
| Announced | 07 Oct 2025 |