Applied Digital secures $787.5M Macquarie equity draw and $65M credit facility for AI campus buildout

Applied Digital Corp.

Second draw under $5.0B Macquarie equity facility: $787.5M expected by end of November 2025.
$450M allocated to Polaris Forge 2 (Harwood, ND); $337.5M to Polaris Forge 1 (Ellendale, ND) subject to $2.35B notes offering.
Polaris Forge 2 has 200 MW leased to an investment-grade hyperscaler; first right of refusal for additional 800 MW.
New $65M revolving credit with First National Bank of Omaha at SOFR+2.75%, secured by company assets.
First data hall at Polaris Forge 1 achieved Ready-for-Service milestone; both campuses on schedule.

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