Loan & DebtJun 10, 2026, 06:07 AM
Keel Infrastructure Closes $458M Convertible Notes Offering; Bitfarms Guarantees
AI Summary
Keel Infrastructure Corp. announced the closing of its offering of $458 million aggregate principal amount of 1.250% Convertible Senior Notes due 2032. Bitfarms Ltd. is providing a senior unsecured guarantee for these notes. The net proceeds of approximately $445.4 million will be used to fund capped call transactions and for general corporate purposes, potentially including deposits for long-lead equipment and collateralizing letters of credit for data center development. The notes have an initial conversion price of approximately $7.41 per share and mature on January 15, 2032.
Key Highlights
- Keel Infrastructure Corp. issued $458 million in 1.250% Convertible Senior Notes due 2032.
- Bitfarms Ltd. provides a full and unconditional senior unsecured guarantee for the notes.
- The offering included the full exercise of a $58 million option for additional notes.
- Net proceeds to Keel are approximately $445.4 million after initial purchaser discounts.
- Proceeds will fund capped call transactions and general corporate purposes, including data center development.
- The initial conversion price is approximately $7.41 per share, with a cap price of $11.86 per share.
- Notes accrue 1.250% annual interest, payable semi-annually, maturing January 15, 2032.
Price Impact
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