Applied Digital subsidiary proposes $2.15B senior secured notes due 2031 for Polaris Forge 2 development

Applied Digital Corp.

APLD ComputeCo 2 LLC intends to offer $2.15B aggregate principal of senior secured notes due 2031 in private placement.
Net proceeds to fund 200 MW critical IT load at Polaris Forge 2 AI Factory campus in Harwood, ND, currently leased to Oracle.
Notes fully guaranteed by six subsidiaries; secured by first-priority liens on substantially all assets of issuer and guarantors.
Applied Digital will provide completion guarantees to ensure timely completion of the Polaris Forge 2 project.
Offering subject to market conditions; no assurance of timing, terms, or completion.

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