IREN · IREN Limited

On May 29, 2026, IREN Limited's wholly owned subsidiary, IE US Hardware 3 LLC (Hardware 3), entered into financing agreements totaling approximately $3.6 billion. This includes a $1.5 billion delayed draw term loan facility (DDTL) and $2.1 billion in senior notes due December 31, 2031, bearing interest at 5.96% per annum. The DDTL bears interest at term SOFR plus 2.25%, with a commitment fee of 0.40% on undrawn amounts. The proceeds will partially fund the acquisition of GPU infrastructure to support Hardware 3's contract with Microsoft Corporation, dated November 2, 2025, for dedicated GPU services at data centers in Childress, Texas. The notes and DDTL mature on December 31, 2031, or earlier if all Microsoft service fees are paid. Hardware 3's obligations are secured by all its assets, including the GPUs, a pledge of 100% of its equity, and cash flows from the Microsoft contract. The parent, IREN Limited, provided limited guarantees covering the manager's obligations and any shortfall if Microsoft terminates or does not accept GPU services. The financing agreements include customary covenants, such as a debt service coverage ratio of at least 1.05:1.00, and mandatory prepayment triggers if certain financial ratios are breached. Hedge agreements were also entered to manage interest rate and power cost risks.