Applied Digital (APLD) closed a $375M financing with SMBC. The Company used a portion of the proceeds to repay its obligations under the Macquarie Capital senior secured note, and the remaining proceeds are intended to be used to advance the development of the first and second data center buildings at the Ellendale HPC Campus. The Company plans to replace this interim SMBC loan with a permanent project financing. The Company does not expect this permanent project financing to be, and the current loan is not, dilutive to the Company’s common stock.
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