CleanSpark

Borrower

CSDC Finance I, LLC (issuer); CSRE Properties Sandersville, LLC (guarantor)

Seniority

Senior secured, subsidiary-level; parent completion guarantee

Maturity

2031-10-01 — Principal amortizes semiannually after the Final Commencement Date to meet a target project debt service coverage ratio. Callable from October 1, 2028; make-whole before then, plus up to 40% redeemable from equity proceeds (closing 8-K 9/25/26)

Collateral

First-priority liens on substantially all assets of the issuer and CSRE Properties Sandersville (other than excluded property) and all equity of the issuer held by CSDC Holdings I, LLC; CleanSpark completion guarantee on the Sandersville Facility

Offtaker

Meta, through its subsidiary Anviran, LLC (named in CleanSpark's filed investor deck)

Lenders

144A / Reg S (initial purchasers not named in the release)

Pricing

Issued at 98.500% of principal; interest paid April 1 and October 1 from April 1, 2027

Terms

Priced 2026-09-18 at 98.500% of principal in a Rule 144A / Regulation S private offering; closed 2026-09-25 at $2,276.0M under an indenture with U.S. Bank Trust Company, National Association as trustee and collateral agent (closing 8-K 9/25/26, acc 0001193125-26-402944). Proceeds fund the remaining build-out of the Sandersville Facility, reimburse CleanSpark for prior equity contributions and fund debt service reserves. The facility is under a 20-year lease with two five-year extensions to a tenant the 8-K of 7/14/26 describes as a "high-investment grade, leading global technology company". CleanSpark's filed investor deck (8-K EX-99.1, accession 0001193125-26-393758) names it: "The Tenant (Anviran, LLC) is a wholly owned subsidiary of Meta": about $6.6B of contracted revenue over the initial term, 175 MW of critical IT load, deliveries expected from Q4 2027 (8-K 7/14/26). The offering launched at $2.227B on 2026-09-17 (8-K EX-99.2) and was upsized at pricing.

Source: Closing 8-K 9/25/26 (items 1.01, 2.03), acc 0001193125-26-402944; 8-K 9/18/26 EX-99.1 pricing release, acc 0001193125-26-395727; proposal 8-K 9/17/26 acc 0001193125-26-393758; lease 8-K 7/14/26 EX-99.1, acc 0001193125-26-302448 · document

Seniority

Senior unsecured

Maturity

2032-02-15

Lenders

144A QIBs

Pricing

Effective 0.27%; initial conversion price about $19.16 (52.1832 shares per $1,000)

Terms

$1,150.0M issued November 2025 in a Rule 144A offering (indenture dated 2025-11-13). Net proceeds about $1,130.7M; about $460.0M used to repurchase common stock. Not convertible early at 6/30/26.

Source: Q2 FY26 10-Q filed 2026-08-06, acc 0001193125-26-338382, Note 9 Debt · document

Seniority

Senior unsecured

Maturity

2030-06-15

Lenders

144A QIBs

Pricing

Effective 0.46%; capped call transactions

Terms

$650.0M issued December 2024 in a Rule 144A offering, including the initial purchasers' $100.0M option, exercised in full. Net proceeds about $633.7M before capped calls; $145.0M used to repurchase common stock.

Source: Q2 FY26 10-Q filed 2026-08-06, acc 0001193125-26-338382, Note 9 Debt · document