CleanSpark's wholly owned subsidiary CSDC Finance I, LLC priced a $2.276 billion offering of 7.875% senior secured notes due 2031, sold at 98.500% of their principal amount. The notes were sold in a private offering to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. The offering is expected to close September 25, 2026, subject to customary closing conditions.
Net proceeds will finance the remaining construction cost of the Sandersville Facility, reimburse CleanSpark for equity contributions it already made to that facility, and fund debt service reserves.
The notes carry a guarantee from CSRE Properties Sandersville, LLC, a wholly owned direct subsidiary of the Issuer. They are secured by first-priority liens on substantially all assets of the Issuer and CSRE Properties, and on the equity interests of the Issuer held by parent company CSDC Holdings I, LLC. CleanSpark also agreed to a completion guarantee, committing to fund the Issuer if note proceeds are not enough to finish the Sandersville Facility on time.
CleanSpark describes itself as a data center developer with a portfolio of more than 1.8 GW of power capacity, land and data centers across the United States.
