Applied Digital Closes $375 Million Financing with SMBC to Support Ellendale HPC Campus

Core Viewpoint - Applied Digital Corporation has successfully closed a $375 million financing deal with SMBC to support the development of its Ellendale High Performance Computing (HPC) Campus and to repay existing obligations [1][2][7] Financing Details - The financing amount is $375 million, which will be used to repay obligations under a senior secured note and to advance the development of the first and second data center buildings at the Ellendale HPC Campus [1][2] - The company plans to replace the interim SMBC loan with permanent project financing, which is not expected to be dilutive to the company's common stock [2] Strategic Partnerships - The partnership with SMBC is seen as a validation of the Ellendale HPC Campus and is expected to strengthen as the company scales its HPC data center platform [2][7] - Northland Capital Markets acted as the Capital Markets Advisor for the financing, while Milbank LLP and Lowenstein Sandler LLP provided legal counsel to the company [3] Company Overview - Applied Digital specializes in developing, building, and operating next-generation data centers and cloud infrastructure, focusing on high-performance computing (HPC) applications [4] - The company’s facilities are designed to support AI, machine learning, blockchain, and other demanding workloads, leveraging its expertise in hyperscale operations [4]