CleanSpark closed a $2.276 billion senior secured notes offering on Sept. 25 to fund construction of a 175-megawatt data center campus in Sandersville, Georgia, according to the company's SEC closing filing. The 7.875% notes, issued by wholly owned subsidiary CSDC Finance I, carry a five-year tenor and a coupon that translates to roughly $179.2 million in annual interest at face value.

The transaction completes an offering CleanSpark priced on Sept. 18. Net proceeds will finish construction, reimburse the Bitcoin miner for prior equity contributions, and seed a $327 million debt-service reserve required by the indenture.

What does the financing back?

The notes support a 20-year lease with Anviran LLC, the tenant identified in the indenture. Meta Platforms plays a narrower role: a limited parent guarantee covering Anviran's lease-payment obligations, separate from the subsidiary guarantee backing the debt itself.

CleanSpark expects the contract to deliver approximately $6.6 billion in revenue over its life, per the company's prior investor disclosures. Capacity deliveries are scheduled to begin in the fourth quarter of 2027.

Lenders receive first-priority liens on substantially all assets of the issuer and of CSRE Properties Sandersville, the entity that guarantees the notes, along with all equity in the issuer, subject to customary exclusions. CleanSpark separately committed to fund any completion shortfall if note proceeds and available cash prove insufficient.

How does this debt reshape CleanSpark's capital stack?

The borrowing introduces a cash-interest burden of a different scale. CleanSpark's June-quarter filing showed $1.81 billion of total debt principal, dominated by $1.15 billion of unsecured convertible notes due 2032 with a 0% coupon. The new senior paper adds nearly $180 million in annual interest expense from 2027.

The notes were issued at 98.5% of face value and mature Oct. 1, 2031. Principal repayments follow the project's final commencement date under a debt-service coverage formula rather than a fixed amortization schedule, tying de-leveraging to operational milestones at the Georgia site.

What are the near-term liquidity pressures?

CleanSpark used $409.3 million in cash for operating activities over the nine months ended June 30, a figure that excludes Bitcoin sales. The miner separately reported $471.3 million in proceeds from selling mined Bitcoin and settling options under investing activities in the same period.

By the end of August, CleanSpark held 13,703 BTC, of which 3,951 BTC were pledged as collateral or recorded as derivative receivables. Its mining fleet averaged 38.3 exahashes per second during the month.

The first coupon payment on the new notes is due April 1, 2027, roughly six months before the first contracted deliveries. The $327 million reserve bridges the gap, but CleanSpark retains completion-cost risk on a project that has already absorbed the company's full equity contribution. Its next test arrives with that April 2027 interest date, well before lease income from Sandersville begins to flow.