CleanSpark Plans $2.2 Billion Debt Sale for Georgia Data Center
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Key Takeaways
- The $2.227 billion senior secured notes offering is intended to fund the completion of the Sandersville Facility data center.
- CleanSpark will provide a completion guarantee for the project, and the notes will be secured by first-priority liens on the subsidiary's assets.
CleanSpark (NASDAQ: CLSK) plans to raise $2.227 billion through a secured debt offering to fund construction of its Sandersville, Georgia, AI data center, advancing a project backed by a long-term technology tenant.
The company’s wholly owned CSDC Finance I subsidiary intends to issue senior secured notes due in 2031, CleanSpark said in a Thursday statement. Proceeds would cover remaining construction costs, reimburse some of CleanSpark’s earlier equity contributions to the project and fund debt-service reserves.
The proposed financing follows a 20-year Sandersville lease announced on July 14 with an unnamed global technology company. CleanSpark said that agreement would generate approximately $6.6 billion in revenue over its initial term, with deliveries of 175 megawatts of critical IT capacity expected to begin in the fourth quarter of 2027. The tenant’s identity remains confidential, according to the July announcement.
CleanSpark would retain responsibility for ensuring construction is completed. Under a completion guarantee, the parent company would provide additional funds as needed if the bond proceeds prove insufficient to finish the facility on time.
