Private credit ·
IREN and Wingspire close a $363m refinancing of deployed GPU servers with a six-lender group led by Eldridge and Silver Point
Wingspire Equipment Finance and IREN Limited (NASDAQ: IREN) announced on Oct. 28 the closing of a $363 million equipment financing transaction supporting IREN's AI compute business. The Equipment Finance Agreement refinanced recently acquired, revenue-generating AI compute infrastructure, including GPU-based servers and networking systems deployed in high-density data centers. Wingspire completed the transaction with a six-lender group led by major commitments from Eldridge Capital Management and Silver Point Capital. The release says the financing returned a meaningful percentage of the equipment's original cost to IREN, and that the structure is secured principally by the financed equipment and supported by multi-year customer contracts. Pricing, tenor and advance rate were not disclosed.
Why it matters for deal teams: The same week a large manager said it won't lend against GPUs, a private-lender group refinanced deployed GPUs; the structure rests on equipment collateral plus customer contracts, two things a lender's monitoring has to track together.
Source: Wingspire Equipment Finance and IREN press release (Business Wire, via Nasdaq) ↗ · more ↗