Fitch Assigns BB-(EXP) Rating to CSDC Finance Senior Secured Notes for CleanSpark Sandersville Project

Offering Terms and Financial Structure

The senior secured notes are being offered exclusively to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act of 1933, as well as to non-U.S. persons outside the United States under Regulation S. The notes will carry full and unconditional guarantees from CSRE Properties Sandersville, LLC, a wholly owned direct subsidiary of the issuer. Furthermore, the debt and its guarantees will be secured by first-priority liens on substantially all assets of the issuer and CSRE Properties—excluding specific carved-out property—along with all equity interests of the issuer held by direct parent company CSDC Holdings I, LLC. CleanSpark has also committed to providing a customary completion guarantee to fund the Sandersville Facility as necessary if note proceeds prove insufficient for timely delivery.

Allocation of Proceeds and Facility Background

Net proceeds from the multi-billion-dollar debt issuance are earmarked for specific capital projects and financial reserves. The data center build-out relies on a 20-year infrastructure lease initially announced by CleanSpark on July 14, 2026. Chief executive and chairman Matt Schultz characterized the agreement as a transformational moment for the Las Vegas-based digital infrastructure developer, which controls a portfolio exceeding 1.8 GW of power, land, and data center assets across the United States. In that announcement, Schultz noted that the company is completing its evolution into a diversified digital infrastructure platform and beginning to monetize its power portfolio at institutional scale.

Lease Economics and Projected Revenues

The confidential tenant secured for the Sandersville campus is described as a high-investment-grade global technology company. The agreement features annual escalators that are projected to generate approximately $6.6 billion in contracted revenue over the initial term, scaling up to $11.6 billion if two five-year extension options are exercised. CleanSpark estimated project costs between $10 million and $12 million per MW of critical IT load, anticipating a cumulative net operating income contribution margin near 100 percent, which translates to an average annual contribution of roughly $330 million.