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business2h ago
Iren Secures $3.6 Billion Financing Package to Build Microsoft GPU Infrastructure
- Iren secures a $3.6 billion financing package to fund Microsoft GPU infrastructure in Texas.
- The package includes a $1.5 billion delayed-draw term loan and $2.1 billion of senior notes due 2031.
- A common terms agreement harmonizes covenants across facilities.
- Hedging agreements reduce interest rate and energy cost volatility.
- The financing supports GPU infrastructure for Microsoft services in Childress, Texas.
- Draw period runs until May 29, 2027, with maturity in 2031.
- The deal is secured by Hardware 3 assets and Microsoft contract cash flows.
- The package includes parent guarantees backing the financing.
- The financing aids project costs for Microsoft GPU services.
- The agreement includes multiple agreements to coordinate financing.
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