One package. Different rate exposures.
Read the fixed coupon, floating spread, hedge overlay and commitment fee on their own terms.
IREN · Microsoft GPU financing
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Keep the basis in view.
The May filing describes $2.1bn of fixed-rate notes and an approximately $1.5bn floating loan. It separately describes interest-rate and power hedges. The amount shown for the loan follows the rounded amount in this source.
Coupon, margin and commitment fee use different bases. They are not additive rates for the whole package. This page does not calculate a blended yield, hedge-adjusted cost or financing IRR; complete cash flows and hedge pricing are not established here.
