debt
confidence high
sentiment neutral
materiality 0.70
CleanSpark unit closes $2.276B of 7.875% senior secured notes due 2031 to fund Sandersville data center
CLEANSPARK, INC.
- CSDC Finance I, LLC sold $2.276B aggregate principal of 7.875% senior secured notes due Oct 1, 2031, issued at 98.500% of par; interest payable April 1 and Oct 1, first payment April 1, 2027.
- Proceeds fund remaining cost of the Sandersville Facility data center in Sandersville, Georgia, reimburse CleanSpark for prior equity contributions, and fund debt service reserves.
- Notes amortize semi-annually after the Final Commencement Date to a target debt service coverage ratio; callable from Oct 1, 2028, with a make-whole before then and 40% equity clawback.
- CleanSpark gives a completion guarantee to fund the Issuer if proceeds fall short of completing the Sandersville Facility; change of control triggers a 101% repurchase offer.
- Indenture restricts the Issuer and Subsidiary Guarantor from additional debt, dividends, liens, asset sales, and holding assets unrelated to the Sandersville Facility.