Applied Digital secures up to $5B perpetual preferred equity facility from Macquarie for HPC data centers

Applied Digital Corp.

MAM to invest up to $900M for 400 MW Ellendale HPC campus; initial $225M at close.
Preferred units accrue 12.75% dividend, 1.80x liquidation preference; MAM gets 15% common equity.
Additional $4.1B right of first refusal for future HPC projects over 30 months.
Company to recover ~$300M equity investment; existing $180M bridge debt to be repaid.
Closing conditioned on hyperscaler lease for first 100 MW; warrants for 8.9M shares at $8.29.

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