Blue Owl Leads $2.4B Debt Deal to Fund Nvidia GPU Purchase

Blue Owl Capital Inc. has led a $2.4 billion debt deal for Iren Ltd., a cloud computing provider based in Sydney, Australia.

The funding will be used to purchase Nvidia Corp.'s Blackwell Ultra GPUs for a data center campus in Canada.

The deal consists of a $1.2 billion senior-secured term loan and the same amount of senior secured notes, both carrying a 9% interest rate and maturing two and half years after being funded.

Pacific Investment Management Co. was another backer of the financing, which is structured to allow Iren to purchase equipment in stages over a defined period.