Lowenstein Sandler represented Applied Digital (Nasdaq: APLD), a designer, builder, and operator of next-generation digital infrastructure for High Performance Computing (“HPC”) applications, in a $150 million convertible preferred equity facility to advance the development of its Ellendale multi-building HPC data center campus. The private financing arrangement allows Applied Digital to sell up to $150 million of the new convertible preferred stock to investors.
Applied Digital will use the proceeds from draws under the facility to fund development of the Ellendale HPC Campus and the continued build out of existing data centers.
In the past 14 months, Lowenstein has represented Applied Digital in numerous transactions, including:
- An agreement to enter into a $5 billion perpetual preferred equity financing facility, with investment vehicles of funds managed by Macquarie Asset Management (MAM), a global asset manager, for its HPC business conducted through APLD HPC Holdings LLC
- $160 million strategic financing from a group of institutional and accredited investors, NVIDIA, and Related Companies
- Issuance of $53.2 million convertible preferred stock for net proceeds of $50 million in a private financing arrangement with a single investor to advance HPC data center project
- Committed equity facility of up to $250 million with YA II PN, LTD., a fund managed by Yorkville Advisors Global, LP
- Private debt facility with CIM Group of up to $200 million to accelerate North Dakota data center project
- $97.3 million sale of 200-megawatt Bitcoin mining data center
The Lowenstein deal team included Steven E. Siesser, Brooke A. Gillar, Emily Jewell, James O’Grady, Marianna Shelenkova, Sophia Mokotoff, Donna Calia, Nicola E. Perzichilli, and Amanda N. Pappas.
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
