Thu, Sep 17, 2026
CleanSpark proposes $2.227 billion Sandersville senior secured notes
Key points
- CleanSpark subsidiary CSDC Finance I, LLC is offering $2.227 billion of senior secured notes due 2031 in a Rule 144A/Reg S private placement.
- Proceeds will finance the remaining build-out of the Sandersville data center, reimburse CleanSpark for prior equity contributions to the project, and fund debt service reserves.
- The notes are guaranteed by CSRE Properties Sandersville, LLC and secured by first-priority liens on substantially all assets of both entities plus the Issuer's equity interests held by CSDC Holdings I, LLC; CleanSpark adds a completion guarantee.
- An accompanying investor presentation identifies the Sandersville tenant as Anviran, LLC, a wholly owned Meta subsidiary, with Meta guaranteeing rent and operating expenses — the first time the counterparty has been named.
- The presentation reiterates 175 MW of critical IT load under a 20-year lease worth ~$6.6 billion with ~$330 million average annual NOI, a 3.0% annual rent escalator and ~$11.9 million development cost per IT MW.
- Rent revenue is scheduled to begin November 30, 2027 once the first network hall is complete, with construction completion expected March 2028.
Site update
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
SandersvilleSandersville, GA Sandersville build-out being financed by a proposed $2.227bn SPV note offering. Tenant named as Anviran, LLC (wholly owned Meta subsidiary); Meta guarantees rent and operating expenses. 20-year base lease plus two 5-year tenant extension options and one 12-month option, 3.0% annual rent escalator, ~100% triple-net NOI margin, ~$11.9M development cost per IT MW. Rent commences 2027-11-30 after the first network hall; construction completion expected March 2028. | Under construction | — | 175 MWIT | — |