Blue Owl Capital’s credit division has arranged a $2.4bn debt financing package for Iren SpA, a Sydney-based data center operator and Bitcoin miner, to fund GPU-powered infrastructure expansion.
The transaction comprises a $1.2bn senior secured term loan and $1.2bn in senior secured notes, both carrying a 9% interest rate. The financing will support Iren SpA’s capital expenditure plans, including the acquisition of Nvidia Blackwell Ultra GPUs for a data center campus in British Columbia, Canada.
Kurt Tenenbaum, Senior Managing Director at Blue Owl, described the structure as "unique" and one of the largest of its kind, combining equipment financing for GPUs with direct lending to Iren SpA. The deal has a two-and-a-half-year maturity following disbursement.
Iren SpA also disclosed plans to invest up to $30bn in fiscal year 2027 during its earnings release, contributing to a nearly 13% drop in its New York-listed shares to $35.40 by Friday afternoon. The company operates data center projects in partnership with Meta Platforms in Louisiana and with Crusoe and Primary Digital Infrastructure in Abilene, Texas.
