The Canadian data-center project will be funded through equal portions of senior-secured loans and notes carrying 9% interest.
Blue Owl Capital funds led a $2.4 billion debt deal for cloud-computing provider Iren, which will use the proceeds to buy Nvidia Blackwell Ultra GPUs for a data-center campus in Canada, Bloomberg reported.
The financing consists of a $1.2 billion senior-secured term loan and $1.2 billion of senior-secured notes. The structure allows Iren to purchase the equipment in stages over a defined period.
Both portions carry a 9% interest rate and mature two and a half years after funding, according to a filing. Pacific Investment Management Co. also backed the transaction.
The deal adds to the flow of private credit into AI infrastructure as data-center operators secure financing for Nvidia’s latest-generation systems.
