Loan & DebtJun 8, 2026, 08:02 AM
Applied Digital Secures $350M Credit Facility from Goldman Sachs
AI Summary
Applied Digital Corporation announced the closing of a $350 million revolving credit facility, arranged by Goldman Sachs, with an additional $200 million accordion option. The funds will be used for data center project development, working capital, and general corporate purposes, enhancing the company's financial flexibility amid accelerating demand for AI and high-performance computing infrastructure. Additionally, the company entered a Memorandum of Understanding with CoreWeave to assign a lease for Building 3 at the Polaris Forge 1 campus, contingent on CoreWeave's subsidiary achieving an investment grade credit rating.
Key Highlights
- Applied Digital closed a $350 million revolving credit facility on May 29, 2026.
- The facility includes an additional accordion option of up to $200 million.
- Goldman Sachs arranged the Credit Facility, with other major banks as joint lead arrangers.
- Proceeds will support data center project development, working capital, and general corporate purposes.
- The Credit Facility matures on May 29, 2029, and bears interest at SOFR + 225 bps or ABR + 125 bps.
- Applied Digital entered an MoU with CoreWeave to assign a lease for Building 3 at Polaris Forge 1.