US-based CleanSpark has announced that its subsidiary, CSDC Finance I, has priced a $2.28bn offering of 7.875% senior secured notes due 2031 to support the ongoing development of its data centre portfolio.
The notes will be issued at a price of 98.5% of their principal amount. They are expected to be sold through a private placement under Rule 144A of the Securities Act of 1933 to qualified institutional buyers, and to non-US investors under Regulation S.
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According to CleanSpark, the offering is set to close on 25 September 2026, subject to standard closing conditions.
The net proceeds from this note issuance are allocated for the completion of the Sandersville Facility data centre, reimbursement to the company for prior equity contributions to the project, and the establishment of debt service reserves.
CSRE Properties Sandersville, a wholly owned subsidiary of the issuer, will provide a full and unconditional guarantee for the notes.
Both the issuer’s and CSRE Properties’ assets, with certain exclusions, as well as all equity interests in the issuer, will serve as collateral for the notes and associated guarantees.
A completion guarantee for the Sandersville Facility has also been outlined by CleanSpark. Under this arrangement, the company will supply additional funding if the proceeds from the note offering are insufficient to complete the data centre project.
The notes have not been registered under the Securities Act or associated state laws, and their sale in the US will require either registration or an applicable exemption.
CleanSpark indicates that the notes are not being offered or sold in any jurisdictions where such transactions would be unlawful.
The company manages a US portfolio comprising over 1.8GW of power, land and data-centre assets.
