AI data center company Iren plans to issue $2 billion in convertible bonds and repurchase existing debt.

Sydney-based AI and high-performance computing data center company Iren plans to issue two tranches of convertible bonds, each worth $1 billion, maturing in 2032 and 2033 respectively, with coupon rates ranging from 0% to 1%. The company is also pursuing private equity financing and intends to repurchase existing convertible bonds maturing in 2029 and 2030. Part of the funds raised in this round will be used for structured hedging transactions.