Simpson Thacher represented Macquarie Asset Management (“MAM”) in connection with an unregistered offering of $2.35 billion aggregate principal amount of 9.250% Senior Secured Notes due 2030 by its AI infrastructure partnership with Applied Digital Corporation (“APLD”) through a subsidiary. A portion of the net proceeds from the notes offering will be used to fund, in part, the construction and associated expenses for two of the partnership’s new high-performance computing data centers in North Dakota. Funds managed by MAM have agreed to invest up to $5.0 billion in the partnership.
The partnership, with the support of APLD, designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads.
The Simpson Thacher team includes Hui Lin and Catherine Ciriello (Capital Markets); Gabriel Silva, Gabriela Astolphi and Jonathan Schwartz (M&A); Sam Saunders (Banking & Credit); and Drew Purcell and Ruoxi Zhang (Tax).