Loan & DebtMay 4, 2026, 08:03 AM
Applied Digital Secures $300M Bridge Facility from Goldman Sachs
AI Summary
Applied Digital Corporation announced the closing of a $300 million senior secured bridge facility, led by Goldman Sachs. This financing is intended to fund the continued development and construction of the company's third AI data center at its Polaris Forge 1 campus in Ellendale, North Dakota. The facility is a 364-day term loan with an interest rate of SOFR plus 275 basis points, prepayable without premium and secured by the project's assets. Applied Digital plans to seek additional financing to complete the construction.
Key Highlights
- Applied Digital closed a $300 million senior secured bridge facility.
- The facility was led by Goldman Sachs.
- Funds will support the development of the third AI data center at Polaris Forge 1 campus.
- The term loan has a 364-day maturity.
- Interest rate is SOFR plus 275 basis points.
- The loan is prepayable at any time without premium and secured by project assets.
- Company expects to seek additional financing for construction completion.