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Iris Energy Limited Announces Closing of US$71 Million Equipment Financing Facility with NYDIG
Highlights US$71 million limited recourse equipment financing facility closed with NYDIGThird facility secured with NYDIG, further cementing long-term
About this update from Iren Limited
[{"type":"text","content":"Highlights US$71 million limited recourse equipment financing facility closed with NYDIGThird facility secured with NYDIG, further cementing long-term partnershipSecured by 19,800 Bitmain S19j Pro miners (1.98 EH/s)~10 EH/s of the Company’s total stock of miners remain unencumberedSubstantial balance sheet flexibility retained to secure additional non-dilutive funding SYDNEY, Australia, March 28, 2022 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (“Iris Energy” or “the Company”), a leading sustainable Bitcoin miner building institutional-grade data centers, today announced the closing of an additional US$71 million equipment financing facility (“the Facility”) between a wholly owned subsidiary of Iris Energy and a NYDIG subsidiary, NYDIG ABL LLC. NYDIG’s Mining Services business specializes in providing leading bitcoin miners with solutions to their asset-backed financing, institutional quality infrastructure, and hedging solution needs. Iris Energy is one of the largest listed Bitcoin miners with 15 EH/s of operating and contracted miners (10 EH/s expected to be operational by early 2023). The Company has used 100% renewable energy since inception1 and is led by a management team who has delivered >US$25 billion in energy and infrastructure projects globally. Key terms of the Facility: US$71 million limited recourse equipment financing facilitySecured by 19,800 Bitmain S19j Pro miners (1.98 EH/s)25 month term, 11% p.a. interest rate ~10 EH/s of the Company’s total stock of contracted miners remain unencumbered, providing substantial balance sheet flexibility to secure additional non-dilutive funding in due course. Having previously raised >US$500 million (the vast majority through equity), the Company is now looking to take advantage of a strong balance sheet and continue optimizing capital structure through additional value-accretive funding opportunities such as the Facility. Daniel Roberts, Co-Founder and Co-CEO of Iris Energy said: “We are delighted to again partner with an industry leader such as NYDIG who have been a long-standing supporter of our business. This is our third equipment financing facility together and we look forward to formalizing additional loan facilities as miners continue to be delivered and installed. This transaction further demonstrates the capital structure benefits in having a strong bala...