Data center operator IREN's IREN.O shares slide 4% in overnight trading.

IREN announces private offering of $1 billion of convertible bonds due 2032 and $1 billion of convertible bonds due 2033.

Separately, IREN will sell ordinary shares in a registered direct offering.

Proceeds from the offerings will be used to repurchase a portion of existing convertible bonds, to fund capped call transactions to help mitigate dilution, general purposes and working capital.

IREN has ~283.5 million outstanding shares, per LSEG.

10 of 14 brokerages rate the stock "buy" or higher, two "hold" and two "sell"; median PT $80 — data compiled by LSEG.

As of last close, IREN stock up 393.8% YTD.