Blue Owl Capital Inc. has arranged a $2.4 billion debt financing package for Iren Ltd. to support the expansion of its Mackenzie data center campus in British Columbia.
The financing consists of a $1.2 billion senior-secured term loan and $1.2 billion in senior secured notes, both carrying a 9% interest rate and maturing two and a half years after funding, according to a regulatory filing. The structure is designed to facilitate staged equipment purchases over a defined timeframe.
The funds will be used to acquire Nvidia Corp. Blackwell Ultra GPUs, enhancing the computing capacity of Iren's data center operations. Blue Owl’s credit division led the arrangement, with Pacific Investment Management Co. participating as a backer.
Iren, a Sydney-based cloud computing provider and Bitcoin miner, projected capital expenditures of up to $30 billion for the 2027 financial year in its latest earnings report. The company’s shares declined nearly 13% to $35.40 in New York trading on Friday.
Kurt Tenenbaum, Senior Managing Director at Blue Owl, described the transaction as a combination of equipment financing for GPUs and direct lending, noting its "unique" structure and scale as one of the largest of its kind.
The financing aligns with broader AI infrastructure investments, including Meta Platforms Inc.’s Hyperion facility in Louisiana and a project in Abilene, Texas, developed with Crusoe and Primary Digital Infrastructure.
