secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2025-02-12T23:59:59+00:00
Accession:  0001493152-25-006049
Event type: debt
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225006049/0001493152-25-006049-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225006049/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-006049

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