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.

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