Bitcoin miner IREN completes $3.65 billion investment-grade GPU financing

Odaily Planet Daily News: Bitcoin mining company IREN has announced the completion of a total $3.65 billion investment-grade GPU financing to support its AI cloud contract signed with Microsoft. The financing includes $2.1 billion in US private placement debt and $1.55 billion in delayed draw term loans, with a blended cost of debt of 6.00%. It is reported that this financing has been assigned A and A (low) ratings by Fitch and DBRS, respectively, making it the highest publicly disclosed rating for an investment-grade GPU financing project and the first GPU financing case in the US private market. IREN stated that the financing is secured by GPU assets and related contract cash flows, helping to optimize its capital structure and supporting the company's expansion of AI Cloud capacity to 480MW by the end of 2026.