IREN refinances AI equipment for $363 million
- —Collateral is existing revenue-generating GPU servers and networking gear, not new purchases
- —Six lenders participated, with Eldridge and Silver Point providing the bulk of funding
- —IREN has raised over $6 billion since June, including $3.65 billion tied to a Microsoft contract
- —The company recovered capital without issuing new shares, avoiding dilution
Why it matters: The deal signals that operating GPUs backed by long-term customer contracts are now accepted as collateral in private credit markets.
Source: TokenPost