Applied Digital Prices $1.59B Senior Notes to Fund AI Data Center Construction

Applied Digital Corporation announced that its subsidiary, APLD ComputeCo 3 LLC, has priced an offering of $1.59 billion in senior secured notes. The proceeds are primarily intended to fund the construction of a new 150-megawatt building at its AI Factory campus in Ellendale, North Dakota.

Key Details

• Offering Terms: The offering consists of $1.59 billion in 7.000% senior secured notes due 2031, priced at 100% of the principal amount.
• Use of Proceeds: Funds will be used for the construction of the "ELN-04" building (150 MW), repayment of a bridge loan facility with Goldman Sachs, funding debt service reserves, and covering transaction expenses.
• Timeline: The offering is expected to close on or around June 16, 2026, subject to customary conditions.