IREN completes $3.65 billion investment-grade GPU financing to support AI cloud service contract with Microsoft

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Deep Tide TechFlow News, June 1st, Bitcoin mining companies and AI cloud service provider IREN have completed $3.65 billion in investment-grade GPU financing to support their AI cloud service contract with Microsoft.

This financing includes $2.1 billion in U.S. private placement fixed-income bonds and $1.55 billion in delayed draw term loans, with an overall financing cost of 6.00%. Fitch and DBRS rated it as A and A (low), respectively. This is currently the highest publicly disclosed rating for GPU investment-grade financing and the first GPU financing to enter the U.S. private market. Combined with customer prepayments, this financing has covered approximately 96% of the $5.81 billion GPU capital expenditure under the Microsoft contract, with an overall financing cost of 3.31%.

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