CleanSpark prices $2.276B in notes for Sandersville AI campus

CleanSpark priced $2.276 billion in 7.875% senior secured notes due 2031 to fund its Sandersville data-center project in Georgia, according to a regulatory filing on September 18. The notes priced at 98.5% of principal, generating about $2.242 billion in gross proceeds before fees and expenses. The private offering is scheduled to close on September 25.

The transaction came in $49 million above the initial $2.227 billion target proposed earlier. The final 7.875% coupon also exceeded the 7.5% illustrative rate shown in previous project materials. At the final coupon, the notes require roughly $179.2 million in annual cash interest before principal amortization.

Its subsidiary CSDC Finance plans to use the net proceeds to pay remaining Sandersville construction costs, reimburse certain equity contributions, and fund debt-service reserves. CleanSpark did not break down the exact allocation across those uses.

The Sandersville site covers 175 MW of critical IT load under a 20-year triple-net lease with Anviran, a wholly owned subsidiary of Meta. Meta guarantees the rent and operating expenses under the agreement, which provides roughly $6.6 billion in contracted base-term payments and includes a 3% annual escalator. Two five-year extension options could bring total revenue to approximately $11.6 billion.

CleanSpark previously estimated development costs of about $11.9 million per critical IT MW, with projected average annual net operating income near $330 million. Rent is slated to start on November 30, 2027, after the first network hall finishes, with total construction scheduled for completion in March 2028.