Monitor the September 25 closing and subsequent deployment of proceeds into the Sandersville Facility. The 7.875% coupon adds significant fixed-cost debt service; watch for any cost overruns on the buildout that could trigger the completion guarantee and further strain the balance sheet.
Price Chart
Executive Summary
CleanSpark's subsidiary, CSDC Finance I, LLC, priced a $2.276 billion offering of 7.875% senior secured notes due 2031 at 98.5% of par. Net proceeds will fund the buildout of the Sandersville data center, reimburse prior equity contributions, and fund debt service reserves. The offering is expected to close on September 25, 2026.
Key Facts
- CSDC Finance I, LLC priced $2.276 billion aggregate principal amount of 7.875% senior secured notes due 2031 at 98.500% of par.
- Offering expected to close on September 25, 2026.
- Proceeds to finance remaining buildout of the Sandersville Facility, reimburse prior equity contributions, and fund debt service reserves.
- CleanSpark provides a completion guarantee for the Sandersville Facility if note proceeds are insufficient.
- Notes are secured by first-priority liens on substantially all assets of the Issuer and CSRE Properties Sandersville, LLC.
Financial Impact
$2.276 billion aggregate principal amount of 7.875% senior secured notes due 2031, priced at 98.5% of par.
Risk Factors
- High 7.875% coupon adds meaningful interest expense, pressuring cash flow.
- Completion guarantee exposes CleanSpark to potential cost overruns at the Sandersville Facility.
- Secured debt structure subordinates existing unsecured creditors and common equity.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-395727 |
| Document: clsk-ex99_1.htm | 0001193125-26-395727 |
| Document: 0001193125-26-395727-index-headers.html | 0001193125-26-395727 |
| Document: 0001193125-26-395727-index.html | 0001193125-26-395727 |
| Document: 0001193125-26-395727.txt | 0001193125-26-395727 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | SC 13G/A | $8.46 $7.77 | ▼ −8.16% | ▼ −8.01% | $8.13 (−3.90%) |
Oct 19, 2026 8d ago | SC 13G/A | $8.46 $7.77 | ▲ +8.16% | ▲ +8.01% | $8.13 (+3.90%) |
Oct 19, 2026 8d ago | SC 13G/A | $8.46 $7.77 | ▼ −8.16% | ▼ −8.01% | $8.13 (−3.90%) |
Sep 25, 2026 4w ago | 8-K | $13.34 $12.48 | ▼ −6.45% | ▼ −7.65% | $8.13 (−39.06%) |
Sep 18, 2026 5w ago | 8-K | $14.76 $13.34 | ▼ −9.62% | ▼ −8.60% | $8.13 (−44.92%) |
Sep 17, 2026 5w ago | 8-K | $13.35 $14.26 | ▲ +6.82% | ▲ +6.22% | $8.13 (−39.10%) |
Aug 8, 2026 11w ago | Institutional Cluster | $11.59 $12.40 | ▲ +6.99% | ▲ +7.04% | $8.13 (−29.85%) |
Jul 30, 2026 12w ago | Press Release | $13.76 | awaiting T+5 | — | $8.13 (−40.92%) |
Jul 14, 2026 15w ago | 8-K | $13.45 $14.42 | ▲ +7.21% | ▲ +8.51% | $8.13 (−39.55%) |
US Market Status
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