CleanSpark has completed its $2.276 billion senior secured notes offering, securing substantial debt financing to support the development of its data center in Sandersville, Georgia.
The notes were issued by CSDC Finance I, LLC, a wholly owned indirect subsidiary of CleanSpark, and carry an annual interest rate of 7.875%. The offering closed on September 25, 2026, with the notes scheduled to mature in October 2031.
The financing represents a major capital commitment to CleanSpark’s data center infrastructure business as the company develops large-scale computing facilities.
The notes were sold in a private offering to qualified institutional buyers and certain investors outside the United States.
They were issued at 98.5% of their $2.276 billion aggregate principal amount, meaning the cash received before expenses is lower than the notes’ face value.
CleanSpark intends to use the net proceeds to finance the remaining construction costs associated with its Sandersville data center, reimburse certain prior equity contributions related to the facility, and establish debt service reserves.
The financing was originally announced on September 18, when CleanSpark disclosed the pricing and expected closing date.
Completion of the offering establishes a dedicated source of long-term capital for the Sandersville project.
The financing has been structured at the subsidiary level, with CSDC Finance serving as the issuer.
The notes are fully and unconditionally guaranteed by CSRE Properties Sandersville, LLC, another CleanSpark subsidiary.
They are secured by first-priority liens on substantially all assets of the issuer and subsidiary guarantor, subject to specified exclusions.
The collateral package also includes the ownership interests in CSDC Finance held by its direct parent, CSDC Holdings I, LLC.
These arrangements establish the asset security supporting the debt and distinguish the offering from an unsecured corporate financing.
CleanSpark has also agreed to provide a completion guarantee for the Sandersville facility.
Under that arrangement, the parent company will provide additional funding if the bond proceeds and other available funds are insufficient to complete construction within the required timetable.
The guarantee provides an additional layer of support for the project during its development.
The notes will bear interest at 7.875% annually, with payments scheduled twice a year on April 1 and October 1.
The first interest payment is scheduled for April 1, 2027, and the notes will mature on October 1, 2031, unless redeemed or repurchased earlier under their terms.
The financing also includes provisions for scheduled principal amortization tied to the project’s debt service coverage requirements.
Following the project’s final commencement date, principal will be repaid semiannually in amounts designed to achieve the target project debt service coverage ratio specified in the bond documents.
The agreement contains customary covenants and events of default.
Certain changes in ownership may require the issuer to offer to repurchase the notes at 101% of their outstanding principal amount, plus accrued and unpaid interest.
The financing supports CleanSpark’s strategy of developing data center infrastructure capable of serving increasingly demanding computing applications.
CleanSpark reports controlling more than 1.8 gigawatts of power, land, and data center assets across the United States.
Its business combines experience in Bitcoin mining, energy infrastructure, and large-scale computing operations.
The company is pursuing opportunities to expand its data center platform as demand for computing capacity increases.
The Sandersville financing provides capital dedicated to completing a major facility within that infrastructure portfolio.
The transaction also establishes a financing structure under which the project’s assets and future cash flows support long-term debt obligations.
With the offering completed, CleanSpark will continue developing the Sandersville facility while managing the construction, financial, and operating commitments established under the notes.
Support: Morgan Stanley & Co. served as representative of the initial purchasers, while U.S. Bank Trust Company acts as trustee and collateral agent.
