Blue Owl leads $2.4 billion financing for Iren’s Nvidia GPU purchase

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.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.