← Applied Digital Corporation · FinancingEdit
9.250% senior secured notes due 2030
Nov 20, 2025 · ClosedTerms of issuance
Instrument
Secured notes
Principal
$2.35B
Net proceeds
Coupon
9.25%
Issue date
Nov 20, 2025
Maturity
Dec 15, 2030 (5.1 years)
Seniority
senior secured
Conversion ratio
n/a
Settlement
n/a
Redemption terms
Issuer call date
Dec 15, 2027
Issuer call condition
On or after December 15, 2027 redeemable in whole or in part at redemption prices set in the indenture; prior to that date, up to 40% redeemable with proceeds of certain equity offerings
Holder put terms
Make-whole
Prior to December 15, 2027, redeemable at 100% of principal plus a make-whole premium and accrued interest. Semi-annual amortization beginning December 15, 2027; interest payable June 15 and December 15, beginning June 15, 2026.
Economic analysis
Effective annual cost
9.25%coupon + capped-call cost amortized straight-line over the note's life
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
261,519,794
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Fund a portion of the construction and associated expenses of the 100 MW ELN-02 and 150 MW ELN-03 data centers at the 400 MW Ellendale, North Dakota campus; repay principal and accrued interest under the February 11, 2025 SMBC credit and guaranty agreement; fund debt service reserves; pay transaction expenses
Other financing outstanding (excl. this instrument)
Private placement of common stock (Nvidia, Related Companies) ($160.0M), 2.75% Convertible Senior Notes due 2030 ($450.0M), Perpetual preferred + common equity partnership (APLD HPC Holdings LLC, Macquarie Asset Management) ($5.00B), SMBC term loan credit agreement (18-month) ($375.0M), 7.000% senior secured notes due 2031 (APLD ComputeCo 3 LLC, Polaris Forge 1 Building 4) ($1.59B), Senior Secured Notes due 2031 — Polaris Forge 2 (APLD ComputeCo 2 LLC) ($2.15B), Revolving credit facility (up to $430 million committed, $120 million incremental capacity to $550 million) ($430.0M), Series G convertible preferred stock equity facility (PEPA, sixth amendment) ($2.00B)
— of which existing debt
$12.15B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
Related site
Sources
ClosedApplied Digital subsidiary closes $2.35 billion senior secured notes due 2030
Nov 20, 2025