Applied Digital Subsidiary Prices $1.59B Senior Secured Notes

Applied Digital Corporation's subsidiary, APLD ComputeCo 3 LLC, has priced a $1.59 billion offering of 7.000% senior secured notes due 2031 at par. The proceeds will primarily fund the construction of 150 megawatts of critical IT load at the ELN-04 building at its Polaris Forge 1 AI Factory campus in North Dakota, repay a bridge loan, and cover debt service reserves and transaction expenses. The notes are secured by first-priority liens on assets of APLD ComputeCo 3 and its guarantors, with Applied Digital providing a customary completion guarantee for the ELN-04 project. The offering is expected to close around June 16, 2026.