Applied Digital Corp. (APLD): debt financing — Applied Digital closes $375M SMBC loan for Ellendale HPC campus; repays Macquarie note

Applied Digital Corp.

$375M term loan from Sumitomo Mitsui Banking Corp (SMBC) closed Feb 11, 2025.
Proceeds used to repay Macquarie Equipment Capital note and fund Ellendale HPC development.
Loan matures 18 months; interest rates SOFR+350bps initially, stepping to SOFR+550bps after year one.
Company plans permanent project financing (75-85% debt-to-equity, SOFR+250bps) after hyperscaler lease.
UPA amendment with Macquarie Asset Management extends pre-closing deadline to Feb 28, 2025.

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 term loan of $375 million with Sumitomo Mitsui Banking Corporation at Daily Simple SOFR (as defined in the Credit Agreement) plus 3.50% from the Closi maturing eighteen (18) months after the Closing Date.

Instrument: term loan
Principal: $375 million
Counterparty: Sumitomo Mitsui Banking Corporation
Rate: Daily Simple SOFR (as defined in the Credit Agreement) plus 3.50% from the Closi
Maturity: eighteen (18) months after the Closing Date
Event: incurrence

Exact text from the filing

The Credit Agreement provides for an aggregate of $375 million of term loans (collectively, the “Loans”), the entire amount of which was immediately available on the Closing Date

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Source: SEC EDGAR

accession 0001493152-25-006049

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