Applied Digital (APLD) said Monday that through its APLD Holdings 2 subsidiary it has closed a $150 million senior secured debt financing with Macquarie Equipment Capital to reduce financing costs for the Ellendale High-Performance Computing data center project.
The company said that APLD issued a $150 million promissory note to repay its previous credit facility with CIM Group, eliminating encumbrances on assets outside the HPC project and removing a parent guarantee.
The 18-month note carries a 0.25% annual interest rate with no commitment fees or original issue discounts and includes warrants for 1,035,197 Applied Digital shares at $9.66 per share, the company said.
The remaining net proceeds will be used to repay other outstanding debt and cover transaction-related expenses, Applied Digital added.
Shares of the company were up 1.3% in recent Monday premarket activity.
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