Lowenstein Sandler represented Applied Digital Corporation (NASDAQ: APLD) in the closing of a $125 million loan to fund the company's construction of a North Dakota data center campus.
The campus will be designed and built for artificial intelligence workloads including generative AI, natural language processing, machine learning, rendering and traditional HPC applications.
Applied Digital Corporation (Nasdaq: APLD) designs, develops, and operates next-generation data centers across North America to provide digital infrastructure solutions to the rapidly growing high-performance computing (HPC) industry. It secured private financing from CIM Group, a leading investment firm and alternative asset manager with extensive experience in top-tier datacenter finance and development.
APLD Holdings 2, LLC, a subsidiary of the Applied Digital, issued a promissory note for commitments that total $125 million at close, plus an accordion feature that allows for up to an additional $75 million of borrowings. In total, this financing provides Applied Digital with up to $200 million to be used solely towards the buildout of its HPC Campus in Ellendale, ND.
The transaction was reported in Law360, ABF Journal, and Data Center Dynamics.
In March 2024, Lowenstein represented Applied Digital in the sale of its 200-megawatt Bitcoin mining data center in Garden City, Texas, to Marathon Digital Holdings, Inc. (NASDAQ: MARA) for a gross purchase price value of $97.3 million.
The Lowenstein team included: Steven E. Siesser, Brooke A. Gillar, Steven M. Skolnick, Lowell A. Citron, Marianna Shelenkova, Deangeor Chin, Kaitlyn M. Baietto, Elena Scialabba, Donna Calia and Bonnie E. Schipper.
