IREN完成34億美元1%可轉換優先票據發行 淨集資約29.6億美元

falseIREN Ltd000187884800-0000000AU00018788482026-05-112026-05-11

 
 
 
UNITED

 STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 

 

 FORM 8-K

 

 

 CURRENT REPORT

 

 

 Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

 

 May 11, 2026

 

 

 

 Date of Report (date of earliest event reported)

 

 

 IREN LIMITED

 

 (Exact name of registrant as specified in its charter)

 

 

 Australia

 

 (State or other jurisdiction of incorporation or organization)

 

 

 001-41072

 

 (Commission File Number)

 

 

 Not Applicable

 

 (I.R.S. Employer Identification No.)

 

 

 Level 5, 55 Market Street, Sydney, NSW 2000 Australia

 (Address of Principal Executive Offices)

 

 

 +61 2 7906 8301

 Registrant’s telephone number, including area code

 

 

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
 provisions (see General Instruction A.2. below):

 

 

 

 

 ☐

 

 
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

 

 

 

 

 ☐

 

 
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

 

 

 

 

 ☐

 

 
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

 

 

 

 

 ☐

 

 
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

 Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 
 Title of each class

 

 
 Trading Symbol(s)

 

 
 Name of each exchange on which registered

 

 

 

 
 Ordinary Shares, no par value

 

 

 
 IREN

 

 

 
 The Nasdaq Stock Market LLC

 

 

 

 

 

 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

 

 Emerging growth company ☐

 

 

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
 financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 
 
 

 

 Item 1.01 Entry Into a Material Definitive Agreement

 

 

 Indenture and Convertible Notes

 

 

 On May 14, 2026 (the “Closing Date”), IREN Limited (the “Company”) issued $3.0
 billion principal amount of its 1.00% Convertible Senior Notes due 2033 (the “Convertible Notes”). The Convertible Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of the Closing Date, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Pursuant to the purchase agreement between the Company and the
 representatives of the initial purchasers of the Convertible Notes, the Company granted the initial purchasers an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the Convertible Notes are first
 issued, up to an additional $400 million aggregate principal amount of the Convertible Notes. The Convertible Notes issued on May 14, 2026 include $400 million principal amount of Convertible Notes issued pursuant to the full exercise by the initial
 purchasers of such option.

 

 

 The net proceeds from the offering are approximately $2.96 billion after deducting the initial purchasers’ discounts and commissions and the Company’s estimated offering
 expenses. The Company used $201.3 million of the net proceeds to fund the cost of entering into the capped call transactions described herein. The Company intends to use the remainder of the net proceeds for general corporate purposes and working
 capital.

 

 

 The Convertible Notes will be the Company’s senior, unsecured obligations and will be (i) equal in right of payment with any of the Company’s existing and future senior,
 unsecured indebtedness and other liabilities (including trade payables); (ii) senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Convertible Notes; (iii) effectively subordinated to any of the
 Company’s future secured indebtedness to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to any existing and future indebtedness and other liabilities (including trade payables) of the
 Company’s subsidiaries, and any preferred equity of the Company’s subsidiaries to the extent the Company is not a holder thereof.

 

 

 The Convertible Notes accrue interest at a rate of 1.00% per annum, payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2026. The
 Convertible Notes will mature on December 1, 2033, unless earlier repurchased, redeemed or converted. Before the close of business on the business day immediately before September 1, 2033, noteholders will have the right to convert their Convertible
 Notes only upon the occurrence of certain events. On or after September 1, 2033 until the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their Convertible Notes at any time at their
 election. The Company will generally have the right to elect to settle conversions by paying or delivering, as applicable, cash, the Company’s ordinary shares, no par value (the “ordinary shares”) or a combination of cash and ordinary shares. The
 initial conversion rate is 13.6848 ordinary shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $73.07 per ordinary share. The conversion rate and conversion price will be subject to
 customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be
 increased for a specified period of time.

 

 

 The Convertible Notes will be redeemable, in whole or in part (subject to certain limitations described below), at the Company’s option at any time, and from time to time,
 on or after June 6, 2030 and on or before the 30th scheduled trading day immediately before the maturity date, but only if (i) the Convertible Notes are “Freely Tradable” (as defined in the Indenture) as of the date the Company sends the related
 redemption notice and all accrued and unpaid additional interest, if any, has been paid in full as of the most recent interest payment date occurring on or before the date the Company sends the related redemption notice; and (ii) the last reported
 sale price per ordinary share exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the
 Company sends such redemption notice; and (2) the trading day immediately before the date the Company sends such redemption notice. However, the Company may not redeem less than all of the outstanding Convertible Notes unless at least $100.0 million
 aggregate principal amount of Convertible Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. In addition, the Company will have the right to redeem all, but not less than all, of the
 Convertible Notes if certain changes in tax law as set forth in the Indenture occur and certain other conditions set forth in the Indenture are satisfied. In each case, the redemption price will be a cash amount equal to the principal amount of the
 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, calling any Note for redemption will constitute a Make-Whole Fundamental Change with respect to that Note, in which case the
 conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted with a conversion date that is on or after the date the Company sends the related redemption notice and on or before the second
 business day immediately before the related redemption date.

 

 

 
 
 

 

 If certain corporate events that constitute a “Fundamental Change” (as defined in the Indenture) occur, then, subject to a limited exception for certain cash mergers,
 noteholders may require the Company to repurchase their Convertible Notes at a cash repurchase price equal to the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change
 repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the ordinary shares.

 

 

 The Convertible Notes will have customary provisions relating to the occurrence of “Events of Default” (as defined in the Indenture), which include the following: (i)
 certain payment defaults on the Convertible Notes (which, in the case of a default in the payment of interest that has accrued on the Convertible Notes, will be subject to a 30-day cure period); (ii) the Company’s failure to send certain notices
 under the Indenture within specified periods of time; (iii) the Company’s failure to comply with certain covenants in the Indenture relating to the Company’s ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in
 one transaction or a series of transactions, all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to another person; (iv) a default by the Company in its other obligations or agreements under the Indenture or
 the Convertible Notes if such default is not cured or waived within 60 days after notice is given in accordance with the Indenture; (v) certain defaults by the Company or any of its significant subsidiaries with respect to indebtedness for borrowed
 money of at least $125,000,000 (subject to the limitations set forth in the Indenture); and (vi) certain events of bankruptcy, insolvency and reorganization involving the Company or any of its significant subsidiaries.

 

 

 If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to the Company (and not solely with respect to a significant subsidiary of the
 Company) occurs, then the principal amount of, and all accrued and unpaid interest, if any, on, all of the Convertible Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other
 Event of Default occurs and is continuing, then, the Trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of Convertible Notes then outstanding, by notice to the Company and the Trustee, may declare the
 principal amount of, and all accrued and unpaid interest, if any, on, all of the Convertible Notes then outstanding to become due and payable immediately. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole
 remedy for an Event of Default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists exclusively of the right of the noteholders to receive special interest on the Convertible Notes for up to
 360 days at a specified rate per annum not exceeding 0.50% on the principal amount of the Convertible Notes.

 

 

 The above description of the Indenture and the Convertible Notes is a summary and is not complete. A copy of the Indenture and the form of the certificates representing the
 Convertible Notes are filed as Exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K, and the above summary is qualified by reference to the terms of the Indenture and the Convertible Notes set forth in such exhibits.

 

 

 Capped Call Transactions

 

 

 On May 11, 2026, in connection with the pricing of the offering of the Convertible Notes, the Company entered into privately negotiated capped call transactions (the “Base
 Capped Call Transactions”) with Banco Santander, S.A., Bank of Montreal, Citibank, N.A., Crédit Agricole Corporate and Investment Bank, Mizuho Markets Americas LLC, The Bank of Nova Scotia and UBS AG, London Branch (the “Option Counterparties”). In
 addition, on May 13, 2026, in connection with the initial purchasers’ exercise of their option to purchase additional Convertible Notes, the Company entered into additional capped call transactions (the “Additional Capped Call Transactions” and,
 together with the Base Capped Call Transactions, the “Capped Call Transactions”) with each of the Option Counterparties. The Capped Call Transactions cover, subject to anti-dilution adjustments, the aggregate number of the ordinary shares that
 initially underlie the Convertible Notes, and are expected generally to reduce the potential dilution to the ordinary shares upon any conversion of the Convertible Notes and/or offset any potential cash payments the Company is required to make in
 excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions is initially
 $110.30 per share, which represents a premium of 100% over the last reported sale price of the ordinary shares of $55.15 per share on May 11, 2026, and is subject to certain adjustments under the terms of the Capped Call Transactions. The Capped Call
 Transactions will be solely cash settled unless certain conditions are satisfied. The cost of the Capped Call Transactions was $201.3 million.

 

 

 
 
 

 

 The Capped Call Transactions are separate transactions, each between the Company and the applicable Option Counterparty, and are not part of the terms of the Convertible
 Notes and will not affect any holder’s rights under the Convertible Notes or the Indenture. Holders of the Convertible Notes will not have any rights with respect to the Capped Call Transactions.

 

 

 The above description of the Capped Call Transactions is a summary and is not complete. A copy of the form of confirmation for the Capped Call Transactions is filed as
 Exhibit 10.1 to this Current Report on Form 8-K, and the above summary is qualified in its entirety by reference to the terms of the form of confirmation set forth in such exhibit.

 

 

 Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

 

 

 The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.

 

 

 Item 3.02 Unregistered Sales of Equity Securities

 

 

 The disclosure set forth in Item 1.01 above is incorporated by reference into this Item 3.02. The Convertible Notes were issued to the initial purchasers in reliance upon
 Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), in transactions not involving any public offering. The Convertible Notes were resold by the initial purchasers to persons whom the initial purchasers reasonably believe
 are “qualified institutional buyers,” as defined in, and in accordance with, Rule 144A under the Securities Act. Any ordinary shares that may be issued upon conversion of the Convertible Notes will be issued in reliance upon Section 3(a)(9) of the
 Securities Act as involving an exchange by the Company exclusively with its security holders. Initially, a maximum of  54,396,900 ordinary shares may be issued upon conversion of the Convertible Notes, based on the initial maximum conversion rate of
 18.1323 ordinary shares per $1,000 principal amount of Convertible Notes, which is subject to customary anti-dilution adjustment provisions.

 

 

 Item 8.01 Other Events

 

 

 Capped Call Unwind Transaction

 

 

 In connection with the issuance of the Company’s 3.50% Convertible Senior Notes due 2029 (the “2029 Notes”), the Company entered into capped call transactions (the “2029
 Capped Call Transactions”) with certain financial institutions (the “2029 Option Counterparties”). In November 2025, the Company entered into a transaction pursuant to which a portion of the 2029 Notes were equitized (the “Equitized 2029 Notes”). In
 connection with the pricing of the offering of the Convertible Notes, the Company entered into an agreement with one of the 2029 Option Counterparties to terminate a portion of the 2029 Capped Call Transactions corresponding to a portion of the
 Equitized 2029 Notes.

 

 

 Press Release

 

 

 On the Closing Date, the Company issued a press release announcing that it has completed the sale of the Convertible Notes, pursuant to the purchase agreement between the
 Company and the initial purchasers of the Convertible Notes. A copy of the Company’s press release is attached hereto as Exhibit 99.1, which is incorporated herein by reference.

 

 

 
 
 

 

 Forward-Looking Statements

 

 

 This Current Report on Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
 Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve substantial risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of
 our business plan and strategies and trends we expect to affect our business. These statements often include words such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,”
 “would,” “may,” “will,” “forecast,” and other similar expressions. These forward-looking statements are contained throughout this Current Report on Form 8-K. We base these forward-looking statements or projections on our current expectations, plans
 and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and
 at such time. As you read and consider this Current Report on Form 8-K, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements and projections are subject to and involve risks,
 uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although we believe that these forward-looking statements and projections are based on reasonable assumptions at the time they
 are made, you should be aware that many factors could affect our actual financial results or results of operations, and could cause actual results to differ materially from those expressed in the forward-looking statements and projections.

 

 

 Item 9.01. Financial Statements and Exhibits

 

 

 (d) Exhibits

 

 

 

 

 
 No.

 

  

 
 Description

 

 

 

 
 4.1=

 

  

 
 Indenture, dated as of May 14, 2026, between IREN Limited and U.S. Bank Trust Company, National Association, as trustee.

 

 

 

 
 4.2

 

  

 
 Form of certificates representing the 1.00% Convertible Senior Notes due 2033 (included as Exhibit A to Exhibit 4.1).

 

 

 

 
 10.1=

 

  

 
 Form of Capped Call Transactions Confirmation.

 

 

 

 
 99.1

 

  

 
 Press release of IREN Limited announcing the closing of its Convertible Notes offering, dated May 14, 2026.

 

 

 

 
 104

 

  

 
 Cover page of this Current Report on Form 8-K formatted in Inline XBRL.

 

 

 

 

 

 

 = Portions of this exhibit have been redacted in compliance with Item 601(a)(6) of Regulation S-K because disclosure would constitute a clearly unwarranted
 invasion of personal privacy. Redacted information is indicated by [***].

 

 

 
 
 

 

 SIGNATURES

 

 

 Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned
 hereunto duly authorized.

 

 

 

 

  

  

  

  

  

  

  

 

 

  

  

  

  

 
 IREN Limited

 

 

 

  

  

  

  

 

 

 
 Date: May 14, 2026

 

  

  

  

 
 By:

 

  

 
 
  /s/ Daniel Roberts

 

 

 

 

  

  

  

  

  

  

 
 Daniel Roberts

 

 

 

  

  

  

  

  

  

 
 Co-Chief Executive Officer and Director