secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2025-11-12T23:59:59+00:00
Accession:  0001493152-25-021955
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225021955/0001493152-25-021955-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225021955/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-021955

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer