Iren, a Sydney-based AI and high-performance computing data center company, announced plans to issue $2 billion in convertible bonds. The issuance will be split into two tranches, each valued at $1 billion, with maturities set for 2032 and 2033 and coupon rates between 0% and 1%. The company is also seeking private equity financing and aims to repurchase existing convertible bonds due in 2029 and 2030. Additionally, part of the proceeds will be allocated for structured hedging transactions. Following the announcement, Iren's share price dropped 6.4% in after-hours trading.