Lowenstein Sandler represented Applied Digital(Nasdaq: APLD), a builder and operator of digital infrastructure designed for high-performance computing and AI workloads, in its entrance into a loan facility with Macquarie Group to fund the pre-lease development costs for new data center projects.
The loan facility will support Applied Digital’s site-development strategy during the pre-lease phase and project advancement, aligning capital deployment with growing customer demand.
Applied Digital is also in advanced-stage negotiations with another investment-grade hyperscaler for multiple campuses and the initial $100 million in draws from this facility is intended to support related development activities at these campuses.
The Lowenstein deal team included Steven E. Siesser, Brooke A. Gillar, Lowell A. Citron, Kevin Colan, Daniel A. Suckerman, Melissa K. Parres, Marianna Shelenkova, Kaitlyn M. Baietto, Elena Scialabba, Zachary Benaharon, Yvette Yun, Donna R. Calia, Billy Fausto Michaca, Hannah Pastore, Chelsea Wong, and Katherine E. Hewitt.
Lowenstein has represented Applied Digital in numerous transactions over the past two years, including:
- the pricing by its subsidiary APLD ComputeCo LLC of a $2.35 billion private offering of 9.25 percent senior secured notes due 2030 at an issue price of 97 percent
- the closing of a $7 billion AI infrastructure agreement with CoreWeave (NASDAQ:CRWV)
- a $150 million convertible preferred equity facility to advance development of Ellendale HPC Campus
- the closing of a $375 million financing with SMBC to support Ellendale HPC Campus
- an agreement to enter into a $5 billion perpetual preferred equity financing facility
- a $160 million strategic financing from a group of institutional and accredited investors, NVIDIA, and Related Companies
- the issuance of $53.2 million convertible preferred stock for net proceeds of $50 million
- a committed equity facility of up to $250 million with YA II PN, LTD., a fund managed by Yorkville Advisors Global, LP
- a private debt facility with CIM Group of up to $200 million to accelerate the North Dakota data center project
- the $97.3 million sale of a 200-megawatt Bitcoin mining data center