Applied Digital Corp. (APLD): debt financing — Applied Digital terminates $50M B. Riley loan, issues $20M unsecured note at 12.5%

Applied Digital Corp.

Terminated $50M term loan with B. Riley; all principal, interest, fees paid in full; no penalty.
Issued up to $20M unsecured promissory note to AI Bridge Funding LLC; $15M funded immediately.
Note bears 12.5% interest, compounded quarterly, matures Jan 30, 2026; repayment fee of 1.25x principal.
CEO Wes Cummins resigned from B. Riley Asset Management (effective Feb 5) but remains CEO of Applied Digital.

item 1.01 item 2.03 item 1.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Applied Digital Corp. incurred loan of up to $20,000,000 with AI Bridge Funding LLC at 12.50% maturing 2026-01-30.

Instrument: loan
Principal: up to $20,000,000
Counterparty: AI Bridge Funding LLC
Rate: 12.50%
Maturity: 2026-01-30
Event: incurrence

Exact text from the filing

On January 30, 2024, the Company issued an Unsecured Promissory Note (the “Note”) payable to AI Bridge Funding LLC (the “Lender”), providing for an unsecured loan in the aggregate principal amount of up to $20,000,000 (the “Principal Amount”), of which $15,000,000 was available immediately and funded upon the execution of the Note.

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Applied Digital Corp. filing history →

Source: SEC EDGAR

accession 0001144879-24-000026

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