CleanSpark's finance arm, CSDC Finance I, LLC, is looking to sell $2.227 billion in senior secured notes due 2031.
The money is earmarked for finishing construction on the company's Sandersville Facility, a data center project.
Here's where the proceeds are headed:
Covering the remaining build-out costs on the Sandersville Facility
Reimbursing CleanSpark for equity it already put into the project
Funding debt service reserves
The notes aren't just a promise. CSRE Properties Sandersville, LLC is guaranteeing them.
The debt is backed by first-priority liens on the assets of both the Issuer and CSRE Properties, with some exclusions. The liens also cover the Issuer's equity, specifically the stake held by its parent company, CSDC Holdings I, LLC.
On top of that, CleanSpark signed a completion guarantee. If the note proceeds fall short, the company has to make up the difference out of pocket to get the facility finished.
Not a Public Sale: This offering is only open to qualified institutional buyers and non-U.S. investors, not retail bondholders.
CleanSpark is also clear that nothing here is locked in. The company states there's no guarantee the offering happens at all, or on these terms.
CleanSpark says it controls more than 1.8 GW of power, land, and data centers across the country.
A completion guarantee only matters if something goes wrong. That makes it worth watching whether this one ever gets tested.
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