---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-006049"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-02-12T23:59:59+00:00"
generated_at: "2026-05-26T22:43:16.031518+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Applied Digital closes $375M SMBC loan for Ellendale HPC campus; repays Macquarie note

## Summary
- $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.

## SEC filing metadata
- accession: 0001493152-25-006049
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-02-12T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000149315225006049/0001493152-25-006049-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000149315225006049/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-006049
- JSON: https://secwatch.observer/filing/0001493152-25-006049.json
- Plain text: https://secwatch.observer/filing/0001493152-25-006049.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.