CleanSpark priced $2.276 billion of senior secured notes due 2031 at 98.500% of principal, implying an initial discount of $34.14 million from face value.
The notes carry a 7.875% coupon and are expected to close on Sept. 25, 2026. Based on the stated principal amount, annual interest expense on the notes would be about $179.2 million.
The company said the proceeds will be used to finish the Sandersville data center buildout, reimburse prior equity contributions tied to that facility, and add debt service reserves.
CleanSpark said the notes are backed by first-priority liens on substantially all assets of the issuer and guarantor, plus all equity interests in the issuer held by its direct parent. The company also said it will provide a completion guarantee for the Sandersville facility, committing to fund the issuer if the note proceeds are not enough to complete the project.
The release did not give a prior financing amount for comparison, but the new offering is sizable: at $2.276 billion, it is more than enough to fully fund a large-scale data center expansion and refinance earlier equity support tied to the project. Following these announcements, the company's shares moved 2.87%, and are now trading at a price of $14.885. If you want to know more, read the company's complete 8-K report here.
