Allens has advised IREN Limited on the Australian law aspects of its US$1 billion offering of convertible senior notes.
IREN, an Australian incorporated and NASDAQ-listed corporation, is a leading owner and operator of next-generation data centres powered by 100% renewable energy. Its data centres across the US and Canada are purpose built for power-dense computing applications and today support a combination of AI and Bitcoin mining workloads.
This is IREN’s third convertible notes offering, following its US$440 million issuance in December 2024 and US$550 million issuance in June 2025, on which Allens also advised.
'This transaction had a number of notable features, including a 0.0% coupon and a 42.5% conversion premium, an over-allocation option of $125 million (which was exercised), and capped call transactions which were designed to provide a hedge upon conversion,' said lead partner Julian Donnan.
'We were delighted to be able to support IREN on the next stage of its funding and growth plans.'
Allens deployed a national team to advise on all aspects of the offering, drawing on expertise in equity capital markets, debt capital markets, derivatives and tax.
Allens legal team
M&A and Capital Markets
Julian Donnan (Partner), Michael Burrell (Senior Associate), Lachlan Martin (Lawyer)
Finance, Banking & Debt Capital
Rod Aldus (Partner), James Darcy (Partner), Tania Joppich (Senior Associate), Dean Rose (Senior Associate), Nat Bogatyreva (Associate)
Tax
Ellen Thomas (Partner), George Bishop (Senior Associate)