APLD ComputeCo prices $2.35B of 9.250% senior secured notes due 2030 at 97%

Applied Digital Corp.

Net proceeds to fund construction of 100 MW and 150 MW data centers (ELN-02 and ELN-03) at Polaris Forge 1 campus in Ellendale, ND.
$2.35B aggregate principal, 9.250% interest, due 2030; priced at 97% of par.
Proceeds also repay Sumitomo Mitsui Banking Corp credit agreement balance plus accrued interest, fund debt service reserves and transaction costs.
Notes guaranteed by APLD Compute's direct and indirect subsidiaries; secured by first-priority liens on substantially all assets of APLD Compute and guarantors.
Closing expected Nov 20, 2025; private placement to QIBs under Rule 144A and offshore under Reg S.

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