Credit · Tracked as filed as of 2026-08-18
Applied Digital
- Seniority
- Undisclosed
- Maturity
- Undisclosed
- Collateral
- SAFEs at Cloud subsidiary
- Lenders
- Unnamed
- Pricing
- SAFEs non-interest-bearing; note rates undisclosed
- Terms
- $12.0M SAFEs + ~$19.0M notes
Source: Fiscal Q3 FY26 10-Q; Q2 FY26 10-Q 1/8/26 · document
- Borrower
- ComputeCo 3 (issuer)
- Seniority
- Senior secured, project-level; parent completion guarantee
- Maturity
- 2031-06-15
- Collateral
- 1st liens on ComputeCo 3 + ELN-04 entities (150 MW, Polaris Forge 1)
- Lenders
- 144A; Goldman Sachs (representative) · Wilmington Trust (trustee)
- Pricing
- Amortizes post-lease-commencement
- Terms
- Issued at 100.0
Source: 8-K 6/16/26; pricing 8-K 6/9/26 · document
- Borrower
- APLD Intermediate HoldCo (borrower)
- Seniority
- Secured revolver; Holdings (Applied Digital Corporation) and restricted-subsidiary guarantees
- Maturity
- 2029-05-28 — The earlier of the third anniversary of closing and 91 days before the redemption date under the April 2025 Preferred Equity Purchase Agreement (as amended through the Fifth Amendment of 2026-05-29).
- Collateral
- Certain non-data-center project assets
- Lenders
- First National Bank of Omaha (admin/collateral) · GS Lending Partners (lead-left) · Mizuho · RBC · Santander · Wells Fargo
- Pricing
- Term SOFR + 2.25% per the 8-K description; the filed agreement redacts the margin and unused fee; 0.00% floor; default rate +2%
- Terms
- $430M commitments: $350M at the 2026-05-29 closing plus an $80M Incremental Assumption No. 1 (2026-06-26, identical terms other than fees), with $200M of remaining incremental capacity to a $550M ceiling; draws undisclosed. Letter-of-credit sublimit equals the full facility. The filed agreement redacts the margin, the unused fee and the entire financial covenant; the covenant is monthly-tested with a cure right, and the S+2.25% on this row rests on the 8-K description alone. Collateral excludes the Texas Capital Bank loan collateral and real property at or under $15M fair market value.
Source: 8-K 6/26/26, credit agreement filed as EX-10.1 (redacted) and Incremental Assumption No. 1 as EX-10.2, acc 0001493152-26-030333; PR 8-K 6/9/26 · document
- Borrower
- ComputeCo 2 (issuer)
- Seniority
- Senior secured, project-level; parent completion guarantee
- Maturity
- 2031-03-15
- Collateral
- Polaris Forge 2 (Harwood ND, 200 MW leased to Oracle); escrow released 6/17/26
- Lenders
- 144A; Goldman Sachs (representative) · Wilmington Trust (trustee)
- Terms
- Issued at 98.0
Source: 8-K 3/10/26; 8-K/A 6/17/26 (escrow release) · document
- Borrower
- APLD ComputeCo LLC (issuer)
- Seniority
- Senior secured, project-level; parent completion guarantee
- Maturity
- 2030-12-15
- Collateral
- ELN-02/03 — Polaris Forge 1, Ellendale ND, CoreWeave-leased campus; Wilmington Trust collateral agent
- Lenders
- 144A; Morgan Stanley (representative)
- Pricing
- Amortizes from Dec 15, 2027
- Terms
- Issued at 97.0
Source: Fiscal Q3 FY26 10-Q (ended 2/28/26, filed 4/8/26) · document
- Borrower
- Applied Digital Corporation (borrower)
- Seniority
- Secured revolver
- Collateral
- All of the Company's assets (none of its subsidiaries')
- Lenders
- First National Bank of Omaha
- Pricing
- SOFR + 2.75% per annum on the outstanding balance
- Terms
- $65M aggregate principal of revolving loans and letters of credit; amounts borrowed and repaid are available for future borrowing; draws undisclosed. Modified 5/29/26 and the standby letters of credit transferred on entry into the 2026 Revolving Credit Facility.
Source: 10-K FY2026 (acc. 0001144879-26-000048), Debt note · document
- Seniority
- Senior unsecured (parent)
- Maturity
- 2030-06-01
- Lenders
- 144A; Wilmington Trust (trustee)
- Pricing
- Conversion ~$9.75; capped calls + prepaid forward
Source: FY25 10-K 7/30/25; 10-Q · document
- Seniority
- Secured, subsidiary-level; guaranteed
- Maturity
- 2029-03
- Collateral
- Security interest in AI-cloud customer service agreements (Jamestown GPU contracts)
- Lenders
- Cornerstone Bank
Source: Fiscal Q3 FY26 10-Q; FY25 10-K · document
- Seniority
- Secured, subsidiary-level; parent-guaranteed
- Maturity
- 2028-02
- Collateral
- First 100 MW Ellendale HPC assets + hosting-agreement assignment
- Lenders
- Starion Bank
Source: Fiscal Q3 FY26 10-Q; FY25 10-K · document
- Seniority
- Secured, subsidiary-level; DSCR covenant
- Maturity
- 2027-07-25
- Collateral
- Jamestown hosting facility + agreements
- Lenders
- Starion Bank
- Terms
- Originally $15M
Source: Fiscal Q3 FY26 10-Q; FY25 10-K · document
Collateral classes on this page: out, operator_campus, gpu. The full
ledger, with every issuer and the derived credit series, is on Compute Credit.