Macquarie Asset Management (MAM) has struck a $5 billion perpetual preferred equity financing facility agreement with Applied Digital Corp., a designer, builder and operator of next-generation digital infrastructure for high-performance computing (HPC) applications.
The funding will go to Applied Digital’s HPC business, conducted through its subsidiary, APLD HPC Holdings (APLDH). Under the terms of the unit purchase agreement. MAM will invest $2.25 million for each executed lease of 1 megawatt of capacity of APLDH’s perpetual preferred equity units and common equity units. MAM is expected to invest up to $900 million to support the full 400-megawatt buildout of the Ellendale HPC Campus.
The investment proceeds from MAM, in conjunction with future project financing, are expected to help complete the buildout of the 400-megawatt Ellendale HPC Campus and repay the existing bridge debt, which is currently outstanding at approximately $180 million. It also will allow Ap