Applied Digital Corp. (APLD): debt financing — Applied Digital closes $16M loan for Jamestown HPC data center campus

Applied Digital Corp.

$16M loan from Cornerstone Bank and Bank of North Dakota; 5-year term to March 1, 2029.
Interest rate 8.590% per annum; secured by personal property and GPU contracts.
Loan guaranteed by Applied Digital and subsidiaries SAI Computing and APLD Hosting.
Proceeds to finance improvements to 10MW Jamestown HPC data center for GPU/AI workloads.
Starion Bank subordinated its mortgage on the Jamestown Facility to Cornerstone Bank.

item 1.01 item 2.03 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 $16,000,000 with Cornerstone Bank at 8.590% per annum maturing March 1, 2029.

Instrument: loan
Principal: $16,000,000
Counterparty: Cornerstone Bank
Rate: 8.590% per annum
Maturity: March 1, 2029
Event: incurrence

Exact text from the filing

the Lender loaned the principal amount of $16,000,000 to the Borrower with a maturity date of March 1, 2029

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Applied Digital Corp. entered into Loan Agreement with Cornerstone Bank valued at $16,000,000 (effective 2024-02-28).

Action: entry
Agreement: credit facility
Counterparty: Cornerstone Bank
Value: $16,000,000
Effective: 2024-02-28

Exact text from the filing

On February 28, 2024, APLD GPU-01, LLC (the “Borrower”), a wholly-owned subsidiary of Applied Digital Corporation (the “Company”), entered into a Loan Agreement with Cornerstone Bank, a North Dakota state chartered bank (the “Lender”) (the “Loan Agreement”) pursuant to which the Lender loaned the principal amount of $16,000,000 to the Borrower with a maturity date of March 1, 2029 (the “Loan”).

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Source: SEC EDGAR

accession 0001144879-24-000053

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