PRESS RELEASE
24 January 2025

Lowenstein Represents Applied Digital In Equity Financing With Macquarie Asset Management For Funding Of Up To $5B To Drive HPC Growth

LS
Lowenstein Sandler

Contributor

Lowenstein Sandler is a national law firm with over 350 lawyers working from five offices in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. We represent clients in virtually every sector of the global economy, with particular strength in the areas of technology, life sciences, and investment funds.
Lowenstein Sandler represented long-term client Applied Digital Corporation (Nasdaq: APLD), a designer, builder, and operator of next-generation digital infrastructure for HPC applications, in an agreement to enter into a $5 billion perpetual preferred eq
United States

Lowenstein Sandler represented long-term client Applied Digital Corporation (Nasdaq: APLD), a designer, builder, and operator of next-generation digital infrastructure for HPC applications, in an agreement to enter into a $5 billion perpetual preferred equity financing facility, with investment vehicles of funds managed by Macquarie Asset Management (MAM), a global asset manager, for its HPC business conducted through APLD HPC Holdings LLC (APLDH), a subsidiary of Applied Digital.

Under the terms of the unit purchase agreement executed by the parties, APLDH will issue perpetual preferred equity units and common equity units for an initial investment by MAM of $225 million to support the full 400 MW build-out of of Applied's Ellendale HPC Campus. This initial investment may be increased up to $900 million as additional leases are signed for the Ellendale HPC Campus.

MAM also has a right to invest in all of Applied' s future HPC data center projects, up to an additional $4.1 billion, for 30 months following close.

In the past twelve months, Lowenstein has represented Applied Digital in the following transactions:

The Lowenstein team included Steven E. Siesser, Brooke A. Gillar, Lesley P. Adamo, Matthew F. Cammarata, Lowell A. Citron, Darren Goodman, Daniel A. Suckerman, Michael Walutes, Deangeor Chin, Marianna Shelenkova, Emily Jewell, Donna Calia, Dana Quinn, and Bonnie E. Schipper.

Contributor

Lowenstein Sandler is a national law firm with over 350 lawyers working from five offices in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. We represent clients in virtually every sector of the global economy, with particular strength in the areas of technology, life sciences, and investment funds.

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