AI data center platform IREN Limited obtained a $2.4 billion financing package led by private lenders to purchase Nvidia Blackwell Ultra GPUs.
Blue Owl Capital Corp. is the administrative agent, collateral agent and note agent, according to a 10-K filing released on Aug. 27. The financing was completed on Aug. 25.
PIMCO participated in the financing, according to a statement by IREN.
The agreement includes a $1.2 billion senior term loan and $1.2 billion of senior secured notes.
Pricing on each tranche is a 9.0% fixed rate. Maturity is 30 months after the funding dates of the relevant borrowings.
The $2.4 billion financing package will support "non-investment grade customer deployments" of the Nvidia chips, which are used to train and process the outputs of AI models.
In June, IREN entered into financing agreements totaling $3.6 billion to fund GPU infrastructure. CSC Delaware Trust Company was the administrative agent, while Goldman Sachs and JPMorgan acted as joint lead arrangers and joint bookrunners.
IREN is headquartered in Sydney, Australia.
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This article originally appeared on PitchBook News
