Latham & Watkins Advises on Applied Digital’s US$2.35 Billion Senior Notes Offering

Applied Digital Corporation (NASDAQ: APLD), a leading designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, announced that its subsidiary, APLD ComputeCo LLC, has priced a US$2.35 billion offering of 9.25% senior secured notes due 2030 at an issue price of 97%. The notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933. The offering is expected to close on or around November 20, 2025, subject to market and other conditions.

Latham & Watkins LLP represents the initial purchasers in the offering with a corporate team led by partners Benjamin Stern, Greg Rodgers, and Brittany Ruiz, with associates Kathleen Mehary, Alex Gulino, and Sam Berry. Advice was also provided on finance matters by partner David Siegel, with associate Amber Morrow; on real estate matters by counsel Karen Ritter; and on tax matters by partner Ana O’Brien and counsel William Kessler, with associate Joe Marcus.