Use of loan proceeds
Company: Applied Digital - Project: Ellendale
The claim, verbatim
Loan proceeds will be used to: (1) prepay and terminate Macquarie Equipment Capital promissory note, (2) pay for 400 MW Ellendale data center project development costs, and (3) fund the Interest Reserve Account
Source (primary)
Applied Digital 8-K filed 2025-02-12 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The Company shall use the proceeds of the Loans under the Credit Agreement to (i) prepay in full and terminate all obligations of the Borrower under that certain Promissory Note, dated November 27, 2024, in favor of Macquarie Equipment Capital, Inc. (the "Macquarie Note")... (ii) pay for certain data center project development costs at the Company's 400 MW Ellendale, North Dakota data center campus... and (iii) fund the Interest Reserve Account”
How we checked this
Additional evidence
confirms Applied Digital 8-K filed 2025-02-12
Quote: “The Company shall use the proceeds of the Loans under the Credit Agreement to (i) prepay in full and terminate all obligations of the Borrower under that certain Promissory Note, dated November 27, 2024, in favor of Macquarie Equipment Capital, Inc. (the "Macquarie Note")... (ii) pay for certain data center project development costs at the Company's 400 MW Ellendale, North Dakota data center campus... and (iii) fund the Interest Reserve Account”