Meta-Linked Data Center Financing Breaks into High-Yield Market

CleanSpark, once a pure-play Bitcoin miner, has made a remarkable pivot by selling $2.25 billion in junk bonds to finance an AI data center leased to Meta Platforms.

The company attracted around $10 billion in orders for the five-year senior secured notes issued through its subsidiary CSDC Finance I LLC, with investors placing over four times as much demand as the offering size.

This deal marks the first US high-yield bond offering tied to a Meta data center project and has broken new ground by bringing Meta-linked data center financing into the high-yield market.

CleanSpark will use the proceeds from the bond sale to fund a 175 megawatt AI data center campus in Sandersville, Georgia, which is backed by a 20-year triple-net lease with Anviran LLC, a Meta subsidiary. The initial yield discussions landed around 8.5%, roughly two percentage points above the average yield for BB-rated debt.