APLD · Applied Digital Corporation

Applied Digital Corporation disclosed two significant debt financings on June 8-9, 2026. The first, a revolving credit facility closed on May 29, 2026, provides up to $350 million in committed capacity with a $200 million accordion option, arranged by Goldman Sachs and a syndicate of banks. The facility bears interest at SOFR+225 bps or ABR+125 bps, matures in May 2029, and is secured by non-data center assets. Proceeds will support pre- and post-lease development of data center projects, working capital, and general corporate purposes. This liquidity boost enhances Applied Digital's ability to advance its AI data center pipeline. The second event is the proposed offering of $1.59 billion in senior secured notes due 2031 by subsidiary APLD ComputeCo 3 LLC. The proceeds are earmarked for constructing the 150 MW ELN-04 building at Polaris Forge 1 in Ellendale, North Dakota, repaying an existing bridge loan from Goldman Sachs, funding reserves, and covering transaction costs. The notes are secured by substantially all assets of ComputeCo 3 and its guarantors, and Applied Digital provides a completion guarantee. The offering is subject to market conditions and is not yet completed. Additionally, Applied Digital entered into a non-binding MOU with CoreWeave to assign the lease for ELN-04 to a CoreWeave subsidiary contingent upon that subsidiary achieving an investment grade credit rating. These actions signal strong banking support and a strategic focus on funding AI infrastructure growth while managing balance sheet leverage.