A bitcoin miner just priced $2.28B of bonds on Meta's guaranteed rent

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, 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 leading with Goldman Sachs 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.

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.

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.