08:56 AM EDT, 06/07/2024 (MT Newswires) -- Applied Digital ( APLD ) said Friday it has secured private financing of $200 million from investment firm and alternative asset manager CIM Group to build its high-performance computing campus in Ellendale, North Dakota.

The company said the financing completes its near-term capital needs and positions it to secure project-level financing to fund the remaining costs to complete the first high-performance computing building.

Applied Digital's ( APLD ) APLD Holdings 2 unit issued a $125 million promissory note at the close, the company said, adding that it also allows for an additional $75 million of borrowings.

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