Applied Blockchain (NASDAQ:APLD) entered into a loan agreement with a North Dakota-based bank for a credit facility with a maximum principal amount of $15M.It plans to use the facility to repay its existing debt and provide additional liquidity to fund the buildout of its datacenters.Initial interest rate of the loan to be 1.5% for the first 13 months after taking into account state-based economic incentives and the remainder of the term rate to be 6.5%."The new credit facility doubles our loan-to-value on our Jamestown facility and provides us with additional capital to fund our growth plans and deliver on the increasing demand from our customers," Chairman and CEO Wes Cummins commented.
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