DALLAS, March 04, 2026 (GLOBE NEWSWIRE) -- Applied Digital Corporation (NASDAQ:APLD) ("Applied Digital" or the "Company"), a leading designer, builder and operator of high-performance, sustainably engineered data centers and colocation services for Artificial Intelligence ("AI"), networking, and blockchain workloads, today announced that its subsidiary, APLD ComputeCo 2 LLC ("APLD Compute 2"), has priced a $2.15 billion offering (the "Offering") of 6.750% senior secured notes due 2031 (the "Notes") at an issue price of 98%. The Notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The Offering is expected to close on or around March 10, 2026, subject to market and other conditions.

APLD Compute 2 intends to use the net proceeds from the Offering to fund the development and construction of 200 megawatts of critical IT load at Polaris Forge 2, its AI Factory campus in Harwood, North Dakota, as well as the "Project Accounts" (including but not limited to the Debt Service Reserve Account) in accordance with the provisions of the indenture governing the Notes, and to pay related fees and expenses, including transaction expenses.

The Notes will be fully and unconditionally guaranteed by APLD Compute 2's future and existing direct and indirect subsidiaries, which as of today include APLD FAR-01 HoldCo LLC, APLD FAR-02 HoldCo LLC, APLD FAR-01 LLC, APLD FAR-02 LLC, APLD FAR-01 LandCo LLC, and APLD FAR-02 LandCo LLC (collectively, the "Guarantors"). The Notes and related guarantees will be secured by first-priority liens on (i) substantially all assets of APLD Compute 2 and the Guarantors, other than certain excluded property, and (ii) all equity interests of APLD Compute 2 held by APLD FAR Holdings LLC, a Delaware limited liability company and the direct parent company of APLD Compute 2.

Applied Digital will provide customary completion guarantees with respect to the Polaris Forge 2 project, under which it will fund APLD Compute 2 as necessary to ensure the timely completion of the Polaris Forge ...