Investing.com -- Blue Owl Capital Inc. funds arranged a $2.4 billion debt financing for Iren Ltd., a cloud computing provider that plans to use the money to purchase Nvidia Corp. Blackwell Ultra GPUs for a data center campus in Canada.

The financing package includes a $1.2 billion senior-secured term loan and $1.2 billion in senior secured notes. The structure allows Sydney-based Iren to buy equipment in stages over a set timeframe. Pacific Investment Management Co. also backed the deal, which carries a 9% interest rate for both components and matures two and a half years after funding, according to a filing.

Kurt Tenenbaum, a senior managing director at Blue Owl, said the investment represents "a combination of equipment financing for GPUs and a direct lending underwrite for Iren." He called the structure "unique" and one of the largest of its kind. Blue Owl provided the financing through its credit division.

The debt will support the expansion of computing capacity at Iren's Mackenzie data center campus in British Columbia.

Blue Owl, which manages $319 billion in assets, has participated in other AI infrastructure projects, including Meta Platforms Inc.'s Hyperion facility in Louisiana and a project in Abilene, Texas, developed with Crusoe and Primary Digital Infrastructure.

Iren, which operates as a Bitcoin miner and data center operator, projected up to $30 billion in capital expenditures for the 2027 financial year during its earnings report on Thursday. The company's shares fell almost 13% to $35.40 in New York on Friday afternoon.