--- title: "A bitcoin miner just priced $2.28B of bonds on Meta's guaranteed rent" description: "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%." publisher: "The Inference" section: "Data Center" published: 2026-09-19T16:13:10.223Z modified: 2026-09-19T16:13:10.223Z canonical: https://theinference.org/article/a-bitcoin-miner-just-priced-2-28b-of-bonds-on-meta-s-guaranteed-rent language: en keywords: "Bitcoin Miners, AI Data Centers, Meta, CleanSpark, Junk Bonds, ERCOT" --- # 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%. For two months CleanSpark hid its tenant behind the phrase "high investment grade leading global technology company" [1]. The [offering papers filed 17 September](https://www.tmcnet.com/usubmit/2026/09/17/10447416.htm) ended the guessing: the tenant is [Meta](https://theinference.org/markets/companies/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 [2][3]. ## 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 [4][5]. CleanSpark the parent signs only a customary completion guarantee, funding the build if note proceeds run short [4][5]. Meta separately guarantees Anviran's rent and operating expenses [1][2]. 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 [1][2]. Market talk for CleanSpark's [first junk-bond offering](https://cryptobriefing.com/cleanspark-junk-bond-ai-data-center-meta/) 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](https://www.tmcnet.com/usubmit/2026/09/18/10448425.htm), a 7.875% coupon at 98.5 cents on the dollar, [Morgan Stanley](https://theinference.org/markets/companies/morgan-stanley) leading with [Goldman Sachs](https://theinference.org/markets/companies/goldman-sachs) and Wells Fargo [5][6]. 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]. *Chart: Bar chart of coupon rates for CleanSpark's bond: 7.5% modeled in the filing, 7.875% as priced on 18 September, and 8.5% where market talk ran before pricing.* *Meta's guarantee pulled the coupon in below the 8.5% talk and within half a point of the 7.5% the filing had modeled, even with a Fed hike the day before. [1][2][5][6]* ## 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 [1][2]. 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 [1][2]. *Chart: Bar chart of megawatts by deal status: 175 MW leased at Sandersville, 585 MW secured base load in Texas, 300 MW studied load pending ERCOT's Batch Zero study.* *Meta's Texas option runs several times its Georgia lease, and the highlighted slice is the part still waiting on an ERCOT study that can come back short. [1][2]* ## Two camps now: miners with a Mag 7 tenant, and miners without The analysts who [revealed the tenant](https://finance.yahoo.com/technology/ai/articles/cleanspark-reveals-meta-tenant-behind-233508601.html) 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% [1][2]. But the notes come due in 2031, years before the 20-year lease runs out, and that refinancing belongs to CleanSpark, not Meta [4][5]. Watch the closing on 25 September, the Batch Zero study in April, and first rent in November 2027 [1][5]. Meta has rented its megawatts; the megawatt lottery is still CleanSpark's to lose. ## Takeaway CleanSpark priced $2.276B of bonds at 7.875% on the strength of Meta's guaranteed rent, one day after the Fed's first hike in three years. The deal turns a bitcoin miner into a landlord for Big Tech, but the 2031 maturity and the 300 undecided Texas megawatts leave the next roll of the dice to CleanSpark. ## Sources 1. [Blockspace on Yahoo Finance (video), CleanSpark reveals Meta as the tenant behind $6.6B Sandersville lease, 18 September 2026](https://finance.yahoo.com/video/cleanspark-reveals-meta-tenant-behind-232514561.html) 2. [Yahoo Finance, Colin Harper, CleanSpark reveals Meta as tenant behind $6.6B Sandersville lease, 17 September 2026](https://finance.yahoo.com/technology/ai/articles/cleanspark-reveals-meta-tenant-behind-233508601.html) 3. [Stocktwits via MSN, CleanSpark discloses Meta as Georgia AI data center tenant, 18 September 2026](https://www.msn.com/en-in/general/general/cleanspark-discloses-meta-as-georgia-ai-data-center-tenant-clsk-unit-plans-over-2-2b-raise-to-fund-buildout/ar-AA2crzAX) 4. [CleanSpark press release via TMCnet/PR Newswire, CleanSpark, Inc. Announces Proposed Offering of $2.227 Billion of Senior Secured Notes, 17 September 2026](https://www.tmcnet.com/usubmit/2026/09/17/10447416.htm) 5. [CleanSpark press release via TMCnet/PR Newswire, CleanSpark, Inc. Announces Pricing of $2.276 Billion of Senior Secured Notes, 18 September 2026](https://www.tmcnet.com/usubmit/2026/09/18/10448425.htm) 6. [Crypto Briefing, CleanSpark seeks $2.23 billion in bonds for Meta-linked AI data center, 17 September 2026](https://cryptobriefing.com/cleanspark-junk-bond-ai-data-center-meta/) --- A bitcoin miner just priced $2.28B of bonds on Meta's guaranteed rent — The Inference. Canonical: https://theinference.org/article/a-bitcoin-miner-just-priced-2-28b-of-bonds-on-meta-s-guaranteed-rent