InfraCompute / Deals
Applied Digital: Senior secured notes
Project bond for Applied Digital, US$2.35bn, 20 November 2025.
Key terms
- Borrower or issuer
- Applied Digital
- Date
- 20 November 2025
- Structure
- Project bond
- Amount
- US$2.35bn
- Pricing
- 9.25%
- Tenor
- 15 Dec 2030; semi-annual amortisation from Dec 2027
Recorded terms
- Lender type
- Bonds and securitisationsStructure: notes or bonds
- Tenor
- 15 Dec 2030; semi-annual amortisation from Dec 2027
- Security
- Senior secured; subsidiary guarantees; parent completion guarantee to lease Commencement Date; DSRA funded
- Lenders and arrangers
- Morgan Stanley (lead initial purchaser); Morgan Stanley (lead)
- Trustee
- Wilmington Trust (trustee/collateral agent)
- Tenant or offtaker
- CoreWeave (ELN-02 100MW, ELN-03 150MW leases at Ellendale ND, ~15-yr leases)
Parties
Related facilities
Similar financings
Same structure, other borrowers, closest in date.
More from Applied Digital
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Sources
- Applied Digital November 20 2025 Form 8-KSource date: 20 November 2025
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
