Applied Digital Announces $300 Million Senior Secured Bridge Facility
Applied Digital Corporation announced the closing of a $300 million senior secured bridge facility to fund its third AI data center at the Polaris Forge 1 campus in Ellendale, North Dakota. The facility consists of a $300 million term loan with a 364-day maturity, bearing interest at the Secured Overnight Financing Rate plus 275 basis points.
Applied Digital Corporation, a designer and operator of high-performance data centers for artificial intelligence and other workloads, has closed a $300 million senior secured bridge facility led by Goldman Sachs. The facility will fund the continued development and construction of the company's third AI data center at its Polaris Forge 1 campus in Ellendale, North Dakota. Applied Digital expects to seek additional financing to complete the construction. The bridge facility consists of a $300 million term loan with a 364-day maturity and an interest rate of SOFR plus 275 basis points. The loan is prepayable at any time without premium and is secured by the project's assets. Applied Digital is headquartered in Dallas, Texas.
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