Applied Digital secures $20 million two-year loan

By Marisa Wong

Los Angeles, Feb. 6 – Applied Digital Corp. announced that effective Jan. 30 it obtained an unsecured loan with a maximum principal amount of $20 million.

The loan has a two-year term and bears interest at 12.5%, according to a press release.

The company intends to use the loan to provide additional liquidity to fund the buildout of its high-performance computing (HPC) data centers.

Additionally, the company has secured $16 million of site-level financing for its Jamestown HPC facility, which is expected to close in the coming weeks.

The designer, builder and operator of next-generation digital infrastructure is based in Dallas.

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