CIM Note senior secured term loan facility
Company: Applied Digital
What the later record shows
Not a promise: a reported event · happened June 7, 2024
The claim describes a note already entered and partly drawn, with $15M drawn on June 7, 2024. A later 10-K shows the full $125M was eventually borrowed.
“The CIM Promissory Note provides for an initial borrowing of $15 million, which was drawn on June 7, 2024”
2024-10-03 · Applied Digital S-1 filed 2024-10-04 View cached copy (2026-08-31)Live source ↗
“During the fiscal year ended May 31, 2025, the total amount borrowed under the CIM Promissory Note was $125 million.”
2025-07-29 · Applied Digital 10-K filed 2025-07-30 View cached copy (2026-08-31)Live source ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
CIM Note provides for initial borrowing of $15 million (drawn June 7, 2024) and subsequent borrowings up to $110 million with $70 million drawn as of July 5, 2024; includes accordion feature for additional $75 million
Source (primary)
Applied Digital 424B3 filed 2024-09-11 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “On June 7, 2024, our subsidiary, APLD Holdings 2 LLC, entered into a promissory note (the " CIM Note ") with CIM APLD Lender Holdings, LLC (" CIM "), which provides for an initial borrowing of $15 million, which was drawn on June 7, 2024, and subsequent borrowings of up to $110 million which will be available subject to the satisfaction of certain conditions, of which $70 million has been drawn upon as of July 5, 2024. In addition, the CIM Note includes an accordion feature that permits up to an additional $75 million of borrowings”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The prospectus states each of the CIM Note amounts and dates given in the claim.
Confirmed in the source:
- The CIM Note provides for an initial borrowing of $15 million, drawn on June 7, 2024
- The CIM Note provides for subsequent borrowings of up to $110 million
- $70 million of the subsequent borrowings had been drawn as of July 5, 2024
- The CIM Note includes an accordion feature permitting up to an additional $75 million of borrowings
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000238/apld-prospectusyorkvillepo.htm) in full (84,274 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 424B3 filed 2024-09-11
Quote: “On June 7, 2024, our subsidiary, APLD Holdings 2 LLC, entered into a promissory note (the " CIM Note ") with CIM APLD Lender Holdings, LLC (" CIM "), which provides for an initial borrowing of $15 million, which was drawn on June 7, 2024, and subsequent borrowings of up to $110 million which will be available subject to the satisfaction of certain conditions, of which $70 million has been drawn upon as of July 5, 2024. In addition, the CIM Note includes an accordion feature that permits up to an additional $75 million of borrowings”