Latham & Watkins Advises on Applied Digital's Upsized US$450 Million Convertible Senior Notes Offering

Applied Digital Corporation (Nasdaq: APLD), a designer, builder, and operator of next-generation digital infrastructure designed for high-performance computing applications, has announced the upsize and pricing of its offering of US$375 million aggregate principal amount of 2.75% convertible senior notes due 2030. The initial purchasers exercised in full their option to purchase an additional US$75 million aggregate principal amount of the convertible notes. The convertible 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 closed on November 4, 2024.

Latham & Watkins LLP represents the initial purchasers in the offering with a capital markets team led by New York/Los Angeles partners Greg Rodgers and Brittany Ruiz and New York partner Andrew Blumenthal, with associates Kathleen Mehary, Andrew Bentz, and Emma Gilmore. Advice was also provided on tax matters by New York partner Elena Romanova; on equity derivatives matters by New York partners Reza Mojtabaee-Zamani and Eric Rice, with associates Shawn Noh, Hera Liao, and Dillon Curtis; and on data privacy matters by Bay Area partner Robert Blamires, with associate Deborah Hinck.