Applied Digital Announces Proposed Offering of $1.59 Billion of Senior Secured Notes to fund the Fourth Building at Polaris Forge 1

Applied Digital announced a proposed private offering of $1.59 billion in senior secured notes due 2031 through its subsidiary APLD ComputeCo 3. The net proceeds will fund the construction of 150 megawatts of critical IT load at the fourth building (ELN-04) of the Polaris Forge 1 AI Factory campus in Ellendale, North Dakota. The offering also intends to repay the existing bridge loan facility provided by Goldman Sachs Bank USA and fund debt service reserves.

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