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Applied Digital Corporation Announces Upsize and Pricing of $375 Million of Convertible Notes Offering

Applied Digital Corporation Announces Upsize and Pricing of $375 Million of Convertible Notes Offering

Applied Digital Corporation宣布增加并定价37500万美元的可转换债券发行
GlobeNewswire ·  06:00

DALLAS, Oct.  31, 2024  (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company"), a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (HPC) applications, today announced the upsize and pricing of its offering of $375 million aggregate principal amount of 2.75% Convertible Senior Notes due 2030 (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, as amended (the "Securities Act").

2024年10月31日,达拉斯(GLOBE NEWSWIRE)-- Applied Digital Corporation(纳斯达克:APLD)("Applied Digital"或"公司"),一家为高性能计算(HPC)应用设计、建造和运营下一代数字基础设施的公司,今天宣布将其2.75%可转换优先票据提高至37500万美元,并确定价格("可转换票据")。可转换票据将以未公开发行的方式出售给合理认为是符合《1933年证券法修正案》("证券法")第144A条规定的合格机构投资者。

Key Elements of the Transaction:

交易要点:

  • $375 million 2.75% Convertible Notes offering (32.5% conversion premium)

  • Capped call transactions entered into in connection with the pricing of Convertible Notes due 2030 with an initial cap price of $14.72 per share of common stock, which represents a 100% premium to the closing sale price of Applied Digital's common stock on October 30, 2024

  • Share Repurchase Programs of approximately $84 million of shares of the common stock in connection with the offering, consisting of a prepaid forward repurchase (as described below) and concurrent share buyback

  • 37500万美元2.75%的可转换票据发行(溢价32.5%)

  • 针对截至2030年的可转债券定价而进行的限价认购交易,初始限价为每股普通股14.72美元,相当于2024年10月30日Applied Digital普通股收盘价格的100%溢价。

  • 在发行期间回购约8400万美元的普通股股份的股票回购计划,包括预付远期回购(如下文所述)和同时股票回购。

Applied Digital has granted the initial purchasers of the Convertible Notes an option to purchase, for settlement within a 13-day period beginning on, and including the date on which the Convertible Notes are first issued, up to an additional $75 million aggregate principal amount of the Convertible Notes. The offering is expected to close on November 4, 2024, subject to satisfaction of customary closing conditions.

Applied Digital已经授予可转换债券的初始购买者一个购买选择权,可在债券首次发行并开始的13天内进行结算,购买多达额外7500万美元的可转换债券的总本金。预计本次发行将于2024年11月4日结束,需满足惯常的交割条件。

Use of Proceeds:

资金用途:

The Company estimates that the aggregate net proceeds from the offering will be approximately $361.8 million (or approximately $434.5 million if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers' discounts and commissions and the Company's estimated offering expenses. The Company intends to use approximately $84 million of the net proceeds from the offering to fund share repurchases of the Company's common stock (the "common stock") in connection with the offering including (i) $52.7 million to fund the cost of entering into prepaid forward repurchase (as described below) and (ii) $31.3 million to repurchase shares of the common stock, approximately $43.1 million of the net proceeds from the offering to pay the cost of the capped call transactions (as described below, and the remainder for general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, then the Company intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions.

公司估计本次发行的累计净收益约为36180万美元(如果初始购买者完全行使购买额外债券的选择权,则约为43450万美元),扣除初始购买者的折扣和佣金以及公司预估的发行费用后。公司打算利用约8400万美元的净收益用于回购公司普通股("普通股")的股份,用于本次发行,其中包括(i)5270万美元用于支付预付远期回购的成本(如下所述),和(ii)3130万美元用于回购普通股的股份,约4310万美元的净收益用于支付限价看涨交易的成本(如下所述),其余用于一般公司用途。如果初始购买者行使购买额外债券的选择权,则公司打算利用额外净收益的一部分用于支付购买额外限价看涨交易的成本。

Additional Details of the Convertible Notes:

可转债的其他详细信息:

The Convertible Notes will be senior unsecured obligations of the Company and will accrue interest at a rate of 2.75% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2025. The Convertible Notes will mature on June 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms. Prior to March 1, 2030, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

可转换票据将成为公司的优先无担保债务,将以年利率2.75%计提利息,每年6月1日和12月1日按后付款方式偿付,自2025年6月1日起开始。可转换票据将于2030年6月1日到期,除非根据其条款提前回购、赎回或转换。在2030年3月1日之前,可转换票据只有在满足一定条件并在特定时期内才能转换,在此之后,可转换票据将于到期日前的第二个预定交易日结束营业前的任何时间内进行转换。

The Convertible Notes will be convertible into cash, shares of the common stock or a combination of cash and shares of the common stock, at the Company's election, subject to certain restrictions. The conversion rate will initially be 102.5431 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $9.75 per share of the common stock). The initial conversion price of the Convertible Notes represents a premium of approximately 32.5% to the $7.36 closing price per share of the common stock on The Nasdaq Global Select Market on October 30, 2024. The conversion rate will be subject to adjustment in certain circumstances. In addition, upon conversion in connection with certain corporate events or a notice of redemption, the Company will increase the conversion rate.

可转换票据可按照公司的选择转换为现金、普通股或现金和普通股的组合,受特定限制约束。初始转换比率将为每1000美元转换票据的102.5431股普通股(相当于每股普通股约为9.75美元的初始转换价格)。可转换票据的初始转换价格相当于2024年10月30日纳斯达克全球精选市场普通股每股7.36美元的收盘价约32.5%的溢价。在某些情况下,转换比率将进行调整。此外,在与某些公司事件或赎回通知有关的转换时,公司将增加转换比率。

The Company may not redeem the Convertible Notes prior to December 1, 2027. The Company may redeem for cash all or any portion of the Convertible Notes (subject to certain limitations), at its option, on or after December 1, 2027, if the last reported sale price of the common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption to holders at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

公司不得在2027年12月1日前赎回可转换票据。公司可以选择在2027年12月1日或之后赎回全部或部分可转换票据(受到一定限制),如果普通股的最后报价至少已达到现行转换价格的130%,且至少有20个交易日(无论是否连续)在任何30个连续交易日期间(包括该期间最后一个交易日)的收盘价超过了转换价格,公司将按照赎回通知向持有人以赎回价格赎回可转换票据的本金金额的100%,加上截至但不包括赎回日期的应计未付利息。

Holders of the Convertible Notes will have the right to require the Company to repurchase all or a portion of their Convertible Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes) at a cash repurchase price of 100% of their principal amount plus accrued and unpaid interest, if any, to, but excluding the applicable repurchase date.

持有可转换票据的持有者在可转换票据管理的契约中定义的基本变更(基本变更)发生时,有权要求公司以现金回购价格的100%回购所有或部分可转换票据的本金金额加上应计及未付利息(如果有的话),但不包括适用的回购日期。

Share Repurchase Program of Prepaid Forward Repurchase and Concurrent Share Repurchases:

预付远期回购和同时股票回购的股票回购计划:

In connection with the pricing of the Convertible Notes, the Company entered into share repurchase programs consisting of a prepaid forward repurchase and a concurrent share buyback. Pursuant to the share repurchase programs, the Company will repurchase an aggregate of approximately $84 million of shares of the common stock through (i) privately negotiated transactions effected concurrently with the pricing of the Convertible Notes with respect to $31.3 million of shares of the common stock (with the purchase price per share of the common stock repurchased in such transactions equal to $7.36 closing price per share of the common stock on October 30, 2024) and (ii) a privately negotiated prepaid forward stock repurchase transaction (the "prepaid forward repurchase") with one of the initial purchasers of the Convertible Notes (the "forward counterparty") with respect to $52.7 million of shares of the common stock.

与可转换票据定价相关,公司已进入包括预付远期回购和同时股票回购的股票回购计划。根据股票回购计划,公司将通过(i)与可转换票据定价同时进行的与共计3130万美元普通股有关的私下协商交易回购普通股的约8400万美元以每股普通股回购价等于2024年10月30日每股普通股收盘价7.36美元的股票和(ii)与可转换票据的首次购买人(“远期交易对手”)进行的私下协商预付远期股票回购交易(“预付远期回购”),涉及共计5270万美元普通股。

The initial aggregate number of shares of the common stock underlying the prepaid forward repurchase is approximately 7.2 million shares. In the event that the Company pays any cash dividends on its common stock, the forward counterparty will pay an equivalent amount to the Company. The prepaid forward repurchase is generally intended to facilitate privately negotiated derivative transactions, including swaps, between the forward counterparty or its affiliates and investors in the Convertible Notes, relating to shares of the common stock by which investors in the Convertible Notes will establish short positions relating to shares of the common stock and otherwise hedge their investments in the Convertible Notes. As a result, the prepaid forward repurchase is expected to allow the investors to establish short positions that generally correspond to (but may be greater than) commercially reasonable initial hedges of their investment in the Convertible Notes. In the event of such greater initial hedges, investors may offset such greater portion by purchasing shares of the common stock on the day the Company prices the Convertible Notes. Facilitating investors' hedge positions by entering into the prepaid forward repurchase, particularly if investors purchase shares of common stock on the pricing date, could increase (or reduce the size of any decrease in) the market price of shares of the common stock and effectively raise the conversion price of the Convertible Notes. In connection with establishing its initial hedges of the prepaid forward repurchase, the forward counterparty or its affiliates generally expect to, but are not required to, enter into one or more derivative transactions with respect to shares of the common stock with the investors of the Convertible Notes concurrently with or after the pricing of the Convertible Notes.

预付远期回购的初始共计基础普通股数量约为720万股。如果公司对其普通股支付任何现金股息,远期交易对手将向公司支付等同金额。预付远期回购通常旨在促成与可转换票据投资者之间的私下协商衍生品交易,包括交易所之间的互换,涉及与可转换票据投资者建立与普通股相关的空头头寸和以其他方式对冲他们对可转换票据的投资。预付远期回购预计将使投资者能够建立与其投资可转换票据的商业上合理的初始对冲基本相对应但(可能更大)的短期头寸。在存在这种更大的初始对冲基础的情况下,投资者可能通过在公司定价可转换票据的那一天购买普通股来抵销这种更大部分。通过进行预付远期回购促成投资者的对冲头寸,特别是如果投资者在定价日期购买普通股,可能会增加(或减少任何减少的幅度)普通股的市场价格,并有效地提高可转换票据的转换价格。与建立预付远期回购的初始对冲交易相对应,远期交易对手或其关联方通常期望但不一定要与可转换票据投资者同时或在可转换票据定价后以财务上与普通股有关的一项或多项衍生交易。

The Company's entry into the prepaid forward repurchase with the forward counterparty and the entry by the forward counterparty into derivative transactions in respect of the common stock with the investors of the Convertible Notes could have the effect of increasing (or reducing the size of any decrease in) the market price of the common stock concurrently with, or shortly after, the pricing of the Convertible Notes and effectively raising the conversion price of the Convertible Notes.

公司与预付远期回购交易对手的进入,以及预付远期回购交易对手与可转换债券投资者进行的有关普通股的衍生交易,可能会导致在可转换债券定价同时或不久之后,普通股的市价增加(或减少任何减少的幅度),从而有效地提高可转换债券的转换价格。

Neither the Company nor the forward counterparty will control how investors of the Convertible Notes may use such derivative transactions. In addition, such investors may enter into other transactions relating to the common stock or the Convertible Notes in connection with or in addition to such derivative transactions, including the purchase or sale of shares of the common stock. As a result, the existence of the prepaid forward repurchase, such derivative transactions and any related market activity could cause more purchases or sales of the common stock over the terms of the prepaid forward repurchase than there otherwise would have been had the Company not entered into the prepaid forward repurchase. Such purchases or sales could potentially increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of the common stock and/or the price of the Convertible Notes.

公司和预付远期回购交易对手均不会控制可转换债券投资者如何使用这些衍生交易。此外,这些投资者可能会在与这些衍生交易有关的共同股票或可转换债券的情况下,或者除这些衍生交易之外,进行与之相关的其他交易,包括买入或卖出普通股。因此,预付远期回购、这些衍生交易的存在以及任何相关市场活动可能导致在预付远期回购的条款内购买或销售的普通股比公司未进行预付远期回购时更多。这些购买或销售可能会潜在地增加(或减少任何减少的幅度)或减少(或减少任何增加的幅度)普通股的市价和/或可转换债券的价格。

In addition, the forward counterparty or its affiliates may modify their hedge positions by entering into or unwinding one or more derivative transactions with respect to shares of the common stock and/or purchasing or selling shares of the common stock or other securities of the Company's in secondary market transactions at any time following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes. These activities could also cause or avoid an increase or a decrease in the market price of the common stock or the Convertible Notes, which could affect the ability to convert the Convertible Notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of Convertible Notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of the Convertible Notes.

此外,预付远期交易对手或其关联方可能通过在可转换债券定价后及在可转换债券到期前的任何时间进入或解除有关普通股的衍生交易或购买或出售普通股或公司其他证券的二级市场交易来调整其对冲头寸。这些活动还可能导致或避免普通股或可转换债券的市场价格上升或下降,这可能会影响转换可转换债券的能力,并且,如果活动发生在转换或与转换有关的任何观察期内,可能会影响持有人在转换可转换债券时将收到的代价的数量和价值。

Capped Call Transactions:

限价看涨交易:

In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with certain financial institutions (the "option counterparties"). The cap price of the capped call transactions is initially $14.72 per share of common stock, which represents a premium of 100% over the last reported sale price of the common stock of $7.36 per share on The Nasdaq Global Select Market on October 30, 2024, and is subject to certain adjustments under the terms of the capped call transactions. If the initial purchasers of the Convertible Notes exercise their option to purchase additional Convertible Notes, the Company expects to use a portion of the net proceeds from the sale of the additional Convertible Notes to enter into additional capped call transactions with the option counterparties.

关于可转债定价,公司与某些金融机构(“期权对手方”)达成了私下协商的限制性认购交易。限制性认购交易的上限价格最初为每股普通股14.72美元,这相当于2024年10月30日纳斯达克全球精选市场上普通股每股7.36美元的最后报价价格的溢价100%,并根据限制性认购交易条款进行一定调整。如果可转债的首次买家行使了购买额外可转债的期权,公司预计将使用部分额外可转债净收益用于与期权对手方进行额外的限制性认购交易。

The capped call transactions are generally expected to reduce potential dilution to the common stock upon conversion of any Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap.

封顶看涨交易通常会降低普通股在可转换票据转换时可能出现的股份稀释,并/或抵消公司需要支付的任何超过已转换可转换票据本金金额的现金支付(如果适用),该减少和/或抵消受一定上限约束。

In connection with establishing their initial hedges of the capped call transactions, the Company expects the option counterparties or their respective affiliates to purchase shares of the common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the Convertible Notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the Convertible Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling shares of the common stock or other securities of the Company in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so on each exercise date for the capped call transactions or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the Convertible Notes). This activity could also cause or avoid an increase or decrease in the market price of the common stock or the Convertible Notes, which could affect holders of the Convertible Notes' ability to convert the Convertible Notes and, to the extent the activity occurs following conversion of the Convertible Notes or during any observation period related to a conversion of the Convertible Notes, it could affect the amount and value of the consideration that holders of the Convertible Notes will receive upon conversion of such Convertible Notes.

在建立封顶看涨交易的初始对冲交易时,公司预计期权交易对手或其相关联公司将同时或在定价可转换票据后不久购买普通股股份和/或进行各种涉及普通股的衍生品交易。这一活动可能会增加(或减少)当时普通股或可转换票据的市场价格。此外,期权交易对手或其相关联公司可能通过在封顶看涨交易的行使日期或在有关任何可转换票据的回购、赎回或提前转换进行任何部分终止的后续市场交易中进入或清算各种普通股涉及的衍生品,或购买或销售公司的普通股或其他证券。此活动也可能引发或避免普通股或可转换票据市场价格的增加或减少,从而影响持有可转换票据者转换可转换票据的能力,以及在可转换票据转换后或涉及与可转换票据的转换有关的任何观察期间内发生的活动将可能影响持有者转换此类可转换票据时将收到的金额和价值。

The Convertible Notes and any shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act, securities laws of any other jurisdiction, and the Convertibles Notes and such shares of common stock may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Convertible Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act.

可转换票据及可转换票据转换后的普通股(如果有的话)尚未根据证券法、任何其他司法管辖区的证券法登记,可转换票据和这些普通股可能在未在美国证券法和任何适用州证券法下登记或符合注册豁免情况下在美国出售或交易。可转换票据将仅向合理被认为符合证券法第144A条规所规定的合格机构买家的人士发行。

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Convertible Notes, nor shall there be any sale of the Convertible Notes or common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

本新闻稿不构成出售或要约购买可转换票据的要约,亦不得在任何州或司法管辖区中,在根据任何此类州或司法管辖区中的证券法之前注册或符合资格之前,出售任何可转换票据或普通股。

About Applied Digital

关于Applied Digital

Applied Digital (Nasdaq: APLD) develops, builds and operates next-generation data centers and cloud infrastructure. Different by design, the company's purpose-built facilities are engineered to unleash the power of accelerated compute and deliver secure, scalable and sustainable digital hosting, along with turnkey CSaaS and GPU-as-a-Service solutions. Backed by deep hyperscale expertise and a robust pipeline of available power, Applied Digital accommodates AI Factories and beyond to support the world's most exacting AI/ML, blockchain and high-performance computing (HPC) workloads.

Applied Digital (纳斯达克: APLD) 开发、建设并运营下一代数据中心和云基础建设。公司的独特设计目的是为了释放加速计算的力量,提供安全、可扩展和可持续的数字主机托管,以及一站式的CSaaS和GPU即服务解决方案。凭借深厚的超大规模专业知识和强大的可用电力管道,Applied Digital 可满足人工智能工厂等需求,支持全球最苛刻的人工智能/机器学习、blockchain和高性能计算(HPC)工作负载。

Source: Applied Digital Corporation

来源: 应用数码公司

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