Applied Digital subsidiary prices $1.59B senior secured notes at 7% for Polaris Forge 1 expansion

Applied Digital Corp.

$1.59B aggregate principal of 7.000% senior secured notes due 2031 priced at par.
Proceeds to fund construction of 150 MW critical IT load at fourth building (ELN-04) at Polaris Forge 1 in Ellendale, ND.
Net proceeds will also repay bridge loan under Credit and Guaranty Agreement with Goldman Sachs Bank USA.
Offering expected to close on or around June 16, 2026, subject to market conditions.
Notes are private placement to QIBs under Rule 144A and Regulation S; secured by substantially all assets of subsidiary and Guarantors.

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