Use of proceeds from notes offering
Company: Applied Digital
The claim, verbatim
Net proceeds will fund construction and expenses of 100 MW ELN-02 and 150 MW ELN-03 data centers at Polaris Forge 1, repay Credit and Guaranty Agreement debt dated February 11, 2025, fund debt service reserves, and pay transaction expenses
Source (primary)
applied-digital 8-K exhibit (ex99-1.htm) (SEC EDGAR (8-K Ex), press_release)
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Quote: “intends to use the net proceeds from the Offering to fund a portion of the construction and associated expenses of its 100 megawatt ("MW") and 150 MW data centers, ELN-02 and ELN-03 (the "Facilities"), at Applied Digital's 400 MW Ellendale, North Dakota data center campus ("Polaris Forge 1"), repay the aggregate principal balance plus any accrued and unpaid interest under the Credit and Guaranty Agreement, dated as of February 11, 2025, by and among APLD HPC Holdings LLC (a subsidiary of Applied Digital), the subsidiary guarantors thereunder, the lenders party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, fund debt service reserves, and pay transaction expenses”
How we checked this
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Additional evidence
confirms applied-digital 8-K exhibit (ex99-1.htm)
Quote: “intends to use the net proceeds from the Offering to fund a portion of the construction and associated expenses of its 100 megawatt ("MW") and 150 MW data centers, ELN-02 and ELN-03 (the "Facilities"), at Applied Digital's 400 MW Ellendale, North Dakota data center campus ("Polaris Forge 1"), repay the aggregate principal balance plus any accrued and unpaid interest under the Credit and Guaranty Agreement, dated as of February 11, 2025, by and among APLD HPC Holdings LLC (a subsidiary of Applied Digital), the subsidiary guarantors thereunder, the lenders party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, fund debt service reserves, and pay transaction expenses”