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← Applied Digital Corporation
Tue, Jun 9, 2026

Applied Digital proposes $1.59 billion notes for Polaris Forge 1 Building 4

Source document ↗

Key points

  • Subsidiary APLD ComputeCo 3 LLC announced a proposed private offering of $1.59 billion aggregate principal amount of senior secured notes due 2031, subject to market conditions.
  • Net proceeds would fund construction of 150 MW of critical IT load at the fourth building (ELN-04) at Polaris Forge 1 in Ellendale, North Dakota, repay the Goldman Sachs Bank USA bridge loan facility, fund debt service reserves and pay transaction expenses.
  • The notes will be guaranteed by ComputeCo 3's subsidiaries and secured by first-priority liens on substantially all assets plus a pledge of ComputeCo 3's equity.
  • Applied Digital will provide a customary completion guarantee to ensure timely completion of the ELN-04 project.
  • The offering is a Rule 144A / Regulation S private placement to qualified institutional buyers and non-U.S. persons.