Starion Bank term loan for Ellendale Facility expansion
Company: Applied Digital - Project: Ellendale
The claim, verbatim
APLD ELN-01 LLC entered into a term loan with Starion Bank for $20,000,000 with maturity February 3, 2028, at 7.48% per annum interest, proceeds to fund expansion on the Ellendale Facility near Ellendale, North Dakota
Source (primary)
Applied Digital 8-K filed 2023-02-21 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “On February 16, 2023, APLD ELN-01 LLC (the "Borrower"), a wholly-owned subsidiary of Applied Digital Corporation (the "Company"), entered into a Loan Agreement with Starion Bank ("Lender")... The Loan Agreement provides for a term loan (the "Loan") in the principal amount of $20,000,000 with a maturity date of February 3, 2028... The Loan Agreement provides for an interest rate of 7.48% per annum. The proceeds of the Loan will be used to fund expansion on the Ellendale Facility.”
How we checked this
Additional evidence
confirms Applied Digital 8-K filed 2023-02-21
Quote: “On February 16, 2023, APLD ELN-01 LLC (the "Borrower"), a wholly-owned subsidiary of Applied Digital Corporation (the "Company"), entered into a Loan Agreement with Starion Bank ("Lender")... The Loan Agreement provides for a term loan (the "Loan") in the principal amount of $20,000,000 with a maturity date of February 3, 2028... The Loan Agreement provides for an interest rate of 7.48% per annum. The proceeds of the Loan will be used to fund expansion on the Ellendale Facility.”