APLD · Applied Digital Corporation

The pricing of $1.59 billion in senior secured notes represents a major financing event for Applied Digital, enabling the company to advance its AI Factory campus in Ellendale, North Dakota. The 7.000% coupon and 2031 maturity indicate long-term, fixed-rate debt. Proceeds will directly fund the fourth building (ELN-04) of Polaris Forge 1, adding 150MW of critical IT load, and repay the existing bridge loan from Goldman Sachs, reducing near-term liquidity risk. The notes are secured by substantially all assets of the issuer and guarantors, and Applied Digital provides a completion guarantee, underscoring its commitment to the project. The private placement under Rule 144A/Regulation S limits initial liquidity but targets institutional investors. The expected close on June 16, 2026, is subject to market conditions, adding a timing uncertainty. Overall, this debt offering strengthens Applied Digital's balance sheet and supports its growth in AI infrastructure.