CLEANSPARK BORROWS $2.276 BILLION AT 7.875 PERCENT, SOLD AT 98.5 CENTS ON THE DOLLAR — LENDERS GET FIRST LIEN ON THE META DATA CENTER, AND PART OF THE CASH GOES “TO REIMBURSE THE COMPANY”

Read the September 18 filing and count who gets what. CleanSpark’s subsidiary priced $2.276 billion of notes, up from the $2.227 billion it floated on September 17, paying 7.875 percent interest, sold at 98.5 cents on the dollar, closing expected September 25. Take 98.5 percent of $2.276 billion: the buyers hand over about $2.242 billion before fees and keep the other $34 million as a discount. The interest is 7.875 percent of $2.276 billion, about $179 million a year. The buyers stand first in line, with first-priority liens on substantially all assets of the issuer and of CSRE Properties Sandersville, plus all the equity in the issuer, plus a completion guarantee from CleanSpark itself. If the building stalls, CleanSpark tops it up. If the checks stop, they collect first. What CleanSpark gets is money to finish a 175 MW data center leased to Anviran, a Meta subsidiary, with Meta guaranteeing rent, per the September 17 deck; money for “debt service reserves,” which is borrowed money parked to pay the lenders while the deck says rent revenue begins November 30, 2027; and money “to reimburse the Company for certain prior equity contributions.” The deck showed a 7.5 percent coupon “for illustrative purposes.” The market said 7.875 and took a discount. Every page here is CleanSpark selling the deal, and the seller now calls itself “a market-leading data center developer.” Bitcoin carries no coupon, no lien and no tenant, and it never asks a bondholder for permission. {{PRICE_LINE}}