On September 25, 2026, CleanSpark, Inc. announced that its wholly-owned subsidiary, CSDC Finance I, LLC, has completed a private offering of senior secured notes. The offering raised $2,276.0 million in aggregate principal amount, with the notes priced at 98.500% of their face value.
The notes are set to mature on October 1, 2031. They carry an interest rate of 7.875% per year, with interest payments scheduled semiannually on April 1 and October 1 of each year, beginning April 1, 2027. The notes are senior secured obligations of CSDC Finance and are backed by a subsidiary guarantee from CSRE Properties Sandersville, LLC.
According to the filing, the net proceeds from the offering will be used to finance the remaining costs of the Sandersville Facility, a data center located in Sandersville, Georgia. The funds will also reimburse CleanSpark for prior equity contributions related to the facility and establish debt service reserves.
The transaction was structured under a purchase agreement dated September 18, 2026, with Morgan Stanley & Co. LLC acting as representative for the initial purchasers. The notes were sold to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
The indenture governing the notes includes specific covenants that limit the issuer's ability to incur additional indebtedness, pay dividends, make investments, or engage in certain asset sales and mergers. The indenture also provides for a change of control repurchase option, requiring the issuer to offer to repurchase the notes at 101% of the principal amount in the event of a specified change of control event.
