Applied Digital has successfully priced $2.35 billion in senior secured notes to fund the expansion of its North Dakota data center. The notes, due in 2030, carry a 9.25% coupon rate and were issued at 97% of their face value. Settlement is anticipated around November 20th. The proceeds will finance the construction of two data centers, ELN-02 and ELN-03, with capacities of 100MW and 150MW respectively, at the Ellendale campus. Additionally, funds will be used to repay existing loans, replenish debt servicing reserves, and cover related expenses. The notes are backed by guarantees from several subsidiaries and secured by related assets and equity.