Iren (IREN) has priced a $2.6 billion private offering of 1% convertible senior notes due Dec. 1, 2033, upsized from a previously planned $2 billion, the company said Tuesday.

Initial purchasers have an option to buy up to an additional $400 million of notes.

The company expects the offering to close Thursday and plans to use part of the estimated $2.57 billion net proceeds to fund certain capped call transactions, among other things.

Iren shares were up 1.8% in premarket activity.