secwatch.observer — SEC 8-K summary
======================================

Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2026-06-16T20:30:37+00:00
Accession:  0001493152-26-028899
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

APLD subsidiary closes $1.59B 7.000% senior secured notes due 2031 for AI factory build
--------------------------------------------------------------------------------

- Issued $1.59B aggregate principal of 7.000% Senior Secured Notes due June 15, 2031.
- Proceeds to fund 150 MW critical IT load (ELN-04) at Polaris Forge 1 in Ellendale, ND.
- Also used to repay bridge loan with Goldman Sachs Bank USA, fund reserves, and pay expenses.
- Notes amortize semiannually starting after final datacenter lease commencement; redeemable after June 2028.
- Company provides completion guarantee to ensure project construction is finished.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000149315226028899/0001493152-26-028899-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000149315226028899/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-028899

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