According to a document the company submitted to the U.S. Securities and Exchange Commission on Monday, it has already borrowed close to $4.7 million.
Iris Energy, one of the largest mining companies in terms of hash rate, recently defaulted on debts totaling more than $100 million, and Core Scientific, another mining company, recently floated the idea of filing for bankruptcy.
Applied Digital’s deal includes 16 installments of up $937,500, with a 6.15% fixed interest rate. The loan matures April 2028.
The additional funding will go toward the company’s second facility, which is now being built near Garden City, Texas, and is anticipated to have a 200 megawatt capacity.
The leasehold interest in the Garden City facility, a security interest in property owned by Applied Digital’s subsidiary Rattlesnake Den I, LLC (the borrower), and a security interest in the form of a collateral assignment of Applied Digital’s rights and interests in the master hosting agreements relating to the facility are all used as security for the loan, according to the filing.
In order to pay off previous debt, the company had signed a second $15 million loan with Starion Bank in July.
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