StockDriftsCLEANSPARK, INC. · CLSK · 8-K · Filed
Announces $2.227B senior secured notes offering for Meta-leased data center
CLSK
8-K
Financing
Source: SEC EDGAR, accession 0001193125-26-393758 · Items 7.01, 8.01, 9.01
What did CLEANSPARK, INC. announce?
CleanSpark's subsidiary CSDC Finance I, LLC intends to offer $2.227 billion of senior secured notes due 2031 to fund its 175 MW Sandersville data center leased to Meta.
Key details
- Notes are issued by wholly owned subsidiary CSDC Finance I, LLC, guaranteed by CSRE Properties Sandersville, LLC and secured by first-priority liens on substantially all assets of the issuer and its parent's equity
- Proceeds fund the remaining build-out of the Sandersville Facility, reimburse CleanSpark for prior equity contributions, and fund debt service reserves
- Sandersville is a 175 MW critical IT campus leased to Anviran, LLC, a wholly owned Meta subsidiary, on a 20-year base term plus two 5-year extension options and a 12-month option
- Disclosed contract value is ~$6.6 billion with ~$330 million average annual NOI, 3.0% annual rent escalator, ~$11.9 million development cost per IT MW and Q4 2027 Phase I rent commencement
Why it matters
This 8-K reports a financing at CLEANSPARK, INC.. The likely share-price reaction reads as positive.
Bullish