secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2025-11-14T23:59:59+00:00
Accession:  0001493152-25-022506
Event type: debt
Sentiment:  neutral
Materiality: 0.85
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225022506/0001493152-25-022506-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225022506/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-022506

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