CleanSpark, formerly known as a Bitcoin mining firm, has successfully raised approximately $2.25 billion through a high-yield bond offering. The transaction attracted significant investor interest, with total orders reaching around $10 billion, exceeding the target by more than four times.
The funds are designated for the construction of a 175-megawatt AI data center campus located in Sandersville, Georgia. The project is supported by a 20-year triple-net lease agreement with Anviran LLC, a subsidiary of Meta Platforms, which covers rent and all operational expenses.
The offering consists of five-year senior secured notes issued by the CleanSpark subsidiary CSDC Finance I LLC. Initial yield discussions for these bonds were set at approximately 8.5%, which is about two percentage points higher than the average yield for BB-rated debt.
Morgan Stanley acted as the lead underwriter for the deal, supported by a syndicate that included Goldman Sachs and Wells Fargo. This transaction represents the first instance of a high-yield bond offering in the United States specifically tied to a Meta data center project.
