US Company Expands AI Data Center with 700 Billion Won Credit Facility and 2 Trillion Won Senior Bonds

Applied Digital Corp. (NASDAQ: APLD), a U.S. AI data-center operator, on June 16 executed a trust agreement to privately place $1.59 billion of 7.0% senior secured notes due 2031—approximately KRW 2 trillion—to fund the construction of Building ELN-04 at its Polaris Forge 1 campus in Ellendale, North Dakota.

The notes will be issued by subsidiary APLD ComputeCo 3 LLC and will finance the 150 MW IT-load deployment for ELN-04, repay an existing bridge loan, establish a debt-service reserve of about $81 million (roughly KRW 100 billion) and cover transaction expenses. They will be secured by a first-priority lien on current and future assets and equity of the subsidiary, include the aforementioned reserve fund, and are subject to strict covenants restricting additional borrowings or liens, asset sales and changes in corporate governance.

In addition, on May 29 Applied Digital arranged a secured revolving credit facility of up to $550 million (about KRW 700 billion) led by Goldman Sachs—comprising a $350 million initial commitment and a $200 million accordion option. The company intends to use the facility for pre- and post-lease development costs on its data-center projects, working capital and general corporate purposes. Concurrently, Applied Digital signed a memorandum of understanding to assign the lease for Building 3 at Polaris Forge 1 to a CoreWeave affiliate.

According to a June 9 disclosure, the pricing of the $1.59 billion senior secured notes was officially announced and the transaction closed in mid-June. On June 8 the company also signed a long-term lease for a 210 MW AI data center at its new Delta Forge 2 campus, expanding its AI-factory network to five sites.

In its Q3 FY 2026 results, announced April 8, Applied Digital reported quarterly revenue of $108.55 million—up 139% year-over-year—equivalent to roughly KRW 1.5 trillion.

Headquartered in Dallas, Texas, Applied Digital designs, builds and operates large-scale data centers and cloud infrastructure for high-performance computing, AI and blockchain workloads across North America, centering its growth on AI-factory campuses such as Polaris Forge and Delta Forge.

With the rapid spread of generative AI, competition for power, land and capital has intensified across the U.S. data-center industry, driving a wave of senior secured note issuances and sizable credit facilities backed by long-term leases with hyperscalers and specialized cloud providers.