A bitcoin miner just priced $2.28B of bonds on Meta's guaranteed rent
SEC offering papers name Meta's subsidiary Anviran as the tenant behind the $6.6B, 20-year Sandersville lease, with Meta guaranteeing the rent. The notes priced on 18 September at 7.875%, one day after the Fed's first hike in three years, against a build CleanSpark had modeled at 7.5%.
Vincent Jiangthree-minute read
For two months CleanSpark hid its tenant behind the phrase "high investment grade leading global technology company" 1. The offering papers filed 17 September ended the guessing: the tenant is Meta+2.23% — Meta, up 2.23 percent today, through wholly owned subsidiary Anviran LLC, which signed a 20-year, roughly $6.6B lease on the 175 MW Sandersville, Georgia campus with 3% annual rent increases 23.
Bond buyers own Meta's rent, not the miner's balance sheet
Subsidiary CSDC Finance I issued the notes; project entity CSRE Properties Sandersville guarantees them, secured by first-priority liens on substantially all project assets 45. CleanSpark the parent signs only a customary completion guarantee, funding the build if note proceeds run short 45. Meta separately guarantees Anviran's rent and operating expenses 12. Bond buyers are not lending to a bitcoin miner; they are buying two decades of Meta-guaranteed rent with the miner as general contractor.
Meta's name was worth 7.875% one day after the Fed hiked
The filing modeled the $2.08B build at an illustrative 7.5%, with first rent in November 2027 and full build-out in March 2028 12. Market talk for CleanSpark's first junk-bond offering ran near 8.5%, about two points above the BB-rated average 6.
The deal priced anyway on 18 September: $2.276B of senior secured notes due 2031, a 7.875% coupon at 98.5 cents on the dollar, Morgan Stanley+0.55% — Morgan Stanley, up 0.55 percent today leading with Goldman Sachs−0.23% — Goldman Sachs, down 0.23 percent today and Wells Fargo 56. The pricing landed one day after the Fed's 25-basis-point hike on 17 September, its first in three years 2. Closing is set for 25 September 5.
Data
| Value | |
|---|---|
| Modeled in the filing | 7.5% |
| Priced 18 September | 7.88% |
| Market talk before pricing | 8.5% |
300 of 885 Texas megawatts are still a study away
Meta's exclusivity agreement reaches past Georgia: an LOI for up to 885 MW at CleanSpark's Sealy and Brazoria sites 12. ERCOT has locked in 585 MW of base load; the remaining 300 MW is "studied load," waiting on the Batch Zero allocation study due next April, which can return fewer megawatts than requested 12.
Data
| Value | |
|---|---|
| Sandersville, leased | 175 MW |
| Texas base load, secured | 585 MW |
| Texas studied load, pending Batch Zero | 300 MW |
Two camps now: miners with a Mag 7 tenant, and miners without
The analysts who revealed the tenant called the split plainly: an investment-grade counterparty is "more important than ever" after the hike, while smaller operators who cannot land one face "less favorable" terms and "eye-watering rates" on any project financing 1. The same 25-basis-point move is expected to tighten credit for non-investment-grade companies across the board 2.
The 2031 maturity leaves the refinancing to CleanSpark
The market's first verdict favored the miner: CLSK up 8.39% on the day, META down 2.43% 12. But the notes come due in 2031, years before the 20-year lease runs out, and that refinancing belongs to CleanSpark, not Meta 45. Watch the closing on 25 September, the Batch Zero study in April, and first rent in November 2027 15. Meta has rented its megawatts; the megawatt lottery is still CleanSpark's to lose.
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