CleanSpark is raising $2.227 billion through high-yield bonds to finance a 175 MW AI data center campus in Sandersville, Georgia. The offering is structured through the subsidiary CSDC Finance I LLC and consists of senior secured notes due in 2031.
The project is backed by a 20-year triple-net lease with Anviran LLC, a subsidiary of Meta Platforms. This agreement makes Anviran responsible for rent and operational expenses, with payments scheduled to commence in November 2027 upon completion of the initial network hall.
The lease is projected to generate approximately $6.6 billion in total payments over its term, with an estimated annual net operating income of $330 million. The contract includes annual rent escalators of 3%.
The bonds feature an initial yield of approximately 8.5%, which is about 2 percentage points higher than the average yield for BB-rated debt. This marks the first instance of US junk bonds being utilized to finance a data center project linked to Meta.
