Applied Digital (APLD) said Wednesday its ComputeCo 2 unit priced a $2.15 billion private placement of senior secured notes maturing in 2031.

The funds will finance the construction of a 200-megawatt artificial intelligence computing campus in Harwood, North Dakota, along with related transaction costs and reserve accounts, the company said.

The financial obligations are backed by unit assets and include a commitment from the parent organization to ensure the facility is finished on time.

The transaction is scheduled to close around March 10, it said.