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← Applied Digital Corporation
Tue, Jun 9, 2026

Applied Digital closes $350 million revolver, proposes $1.59 billion notes

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Key points

  • Closed a revolving credit facility on May 29, 2026, arranged by Goldman Sachs, providing up to $350 million of committed capacity plus an accordion option of up to $200 million.
  • The revolver supports pre- and post-lease development of data center projects, working capital and general corporate purposes; it is secured by certain non-data-center project assets, matures May 29, 2029, and bears interest at SOFR plus 225 bps or the alternative base rate plus 125 bps.
  • Subsidiary APLD ComputeCo 3 LLC also announced a proposed private offering of $1.59 billion of senior secured notes due 2031 to fund construction of 150 MW of critical IT load at the fourth building (ELN-04) at Polaris Forge 1, repay the Goldman Sachs bridge loan facility, fund debt service reserves and pay transaction expenses.
  • The notes will be guaranteed by ComputeCo 3 subsidiaries, secured by first-priority liens on substantially all assets and an equity pledge, with a completion guarantee from Applied Digital.
  • The company also entered a memorandum of understanding on June 5, 2026 to assign the CoreWeave lease for ELN-04 to a CoreWeave subsidiary if it achieves an investment-grade credit rating.