IREN subsidiary secures $3.6B financing for GPU infrastructure under Microsoft contract

IREN Ltd

$1.5B delayed draw term loan (SOFR + 2.25%) and $2.1B 5.96% senior notes due Dec 31, 2031.
Proceeds fund GPU services for Microsoft under Nov 2, 2025 contract at Childress, TX data centers.
Parent guarantees limited to performance obligations and shortfalls from Microsoft non-acceptance/termination.
Covenants include debt service coverage ratio of at least 1.05:1.00; hedge agreements for interest rate and power.
Financing available until May 29, 2027; maturity Dec 31, 2031 with amortization schedules.

item 1.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IREN Ltd entered into Parent Guarantees with Collateral Agent (effective 2026-05-29).

Action: entry
Counterparty: Collateral Agent
Effective: 2026-05-29

Exact text from the filing

the Parent, as Guarantor, entered into Limited Parent Guarantees (the “Parent Guarantees”) with the Collateral Agent with respect to certain obligations

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IREN Ltd entered into Credit Agreement with Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., and the lenders party thereto valued at approximately $1.5 billion (effective 2026-05-29).

Action: entry
Agreement: credit facility
Counterparty: Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., and the lenders party thereto
Value: approximately $1.5 billion
Effective: 2026-05-29

Exact text from the filing

an approximately $1.5 billion delayed draw term loan facility (the “DDTL”) pursuant to a credit agreement (the “Credit Agreement”) among Hardware 3, as borrower (in such capacity, the “Borrower”), CSC Delaware Trust Company, as administrative agent (in such capacity, the “Administrative Agent”), Goldman Sachs Bank USA and JPMorgan Chase Bank, N.A., as joint lead arrangers and joint bookrunners, and the lenders party thereto (the “Lenders”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IREN Ltd entered into Note Purchase Agreement with the purchasers party thereto valued at $2.1 billion (effective 2026-05-29).

Action: entry
Agreement: notes offering
Counterparty: the purchasers party thereto
Value: $2.1 billion
Effective: 2026-05-29

Exact text from the filing

$2.1 billion aggregate principal amount of Hardware 3’s 5.96% senior notes due December 31, 2031 (the “Notes”) pursuant to a note purchase agreement (the “Note Purchase Agreement”) among Hardware 3, as issuer (in such capacity, the “Issuer”), CSC Delaware Trust Company, as intercreditor agent (in such capacity, the “Intercreditor Agent”), collateral agent (in such capacity, the “Collateral Agent”) and note agent, and the purchasers party thereto (the “Purchasers”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IREN Ltd entered into Common Terms Agreement with Hardware 3, the Intercreditor Agent, the Administrative Agent, the Collateral Agent, the Lenders and Purchasers party thereto (effective 2026-05-29).

Action: entry
Agreement: notes offering
Counterparty: Hardware 3, the Intercreditor Agent, the Administrative Agent, the Collateral Agent, the Lenders and Purchasers party thereto
Effective: 2026-05-29

Exact text from the filing

a common terms agreement (the “Common Terms Agreement”) among Hardware 3, the Intercreditor Agent, the Administrative Agent, the Collateral Agent, the Lenders and Purchasers party thereto and each other person that may become party from time to time, which provides terms applicable to both the Credit Agreement and the Note Purchase Agreement

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38 material agreements filed in the last 30 days. Browse all material agreements →

IREN Ltd filing history →

Source: SEC EDGAR

accession 0001140361-26-023427

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