Cipher Digital (CIFR) said Monday that its subsidiary Stingray Compute plans to issue $810 million in senior secured notes due 2031 in a private offering to finance construction of a data center project.

The company said proceeds will primarily fund completion of the Stingray data center facility, reimburse prior internal capital contributions, and set aside reserves for debt payments.

Cipher Digital said it will step in with funding to ensure the project is finished on time in the event that the proceeds of the notes are insufficient to do so.

The deal is subject to market conditions and may change or not proceed as planned, it added.