IREN eases from record after announcing convertible debt deal

Shares of data center owner and operator IREN IREN.O down 0.4% at $61.47 on Weds as it looks to raise capital

Australia-based IREN late Tues announced private offering of $875 mln convertible bonds due Jul 2031

Co intends to use net proceeds for general corp purposes, working capital

It also plans to use a portion of net proceeds to pay for capped calls, derivative transactions to offset potential dilution

IREN shares on Tues closed up 6.8% at record high close of $61.68 after co inked new cloud services contracts for Nvidia NVDA.O GPUs

It secured Nvidia's preferred partner status in Aug

IREN has early $17 bln market cap

With the move on Weds, shares up about 130% over the past month. Stock ended 2024 at $9.82