IREN rises after pricing $875 mln convertible debt offering
Shares of data center owner and operator IREN IREN.O up 2.7% at $61.71 before the bell after capital raise secured
Australia-based IREN early Thurs announces pricing private offering of $875 mln 0% convertible bonds due Jul 2031
Initial conversion price of $85.63 represents 42.5% premium to stock's last close of $60.09
IREN shares on Weds ended down 2.6% after co unveiled the offering for general corp purposes, working capital
Co plans to use about $50 mln of proceeds to pay for capped calls; initial cap price set at $120.18, 100% above stock's last sale
IREN shares on Tues closed up nearly 7% at record high close of $61.68 after co inked new cloud services contracts for Nvidia NVDA.O GPUs
Through Thurs, stock up 129% over the past month and up more than sixfold YTD
Of 12 analysts covering the stock, 9 rate "strong buy" or "buy", 2 rate "hold" and 1 recommends "sell"; median PT is $41, per LSEG data
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