IREN Limited (NASDAQ:IREN) ("IREN") today announced it has closed a $3.65bn investment-grade GPU financing facility to support the delivery of its AI Cloud contract with Microsoft.

Highlights

  • Highest publicly rated investment-grade GPU financing announced
  • $3.65bn facility at blended cost of debt of 6.00%:
    • $2.10bn U.S. private placement at a fixed rate equivalent to SOFR+2.13%
    • $1.55bn delayed draw term loan (DDTL) at a floating rate of SOFR+2.25%
  • Funds 96% of $5.81bn GPU capex for Microsoft contract at all-in financing cost of 3.31%, including customer prepayments