Loan & DebtJun 5, 2026, 08:46 AM
Keel Infrastructure Prices $400M Convertible Senior Notes Offering
AI Summary
Keel Infrastructure Corp. announced the pricing of an upsized offering of $400 million in 1.250% convertible senior notes due 2032, with an option for purchasers to buy an additional $58 million. The net proceeds will be used for capped call transactions and general corporate purposes, including funding data center development projects. The notes are guaranteed by Bitfarms Ltd., a subsidiary. The offering is expected to close around June 9, 2026.
Key Highlights
- Keel Infrastructure Corp. priced an offering of $400 million in 1.250% convertible senior notes due 2032.
- The company granted an option to purchase an additional $58 million in notes, increasing the total potential offering to $458 million.
- Proceeds will fund capped call transactions and general corporate purposes, including data center development.
- The initial conversion price is approximately $7.41 per share, representing a 25% premium to the previous day's closing price.
- The capped call transactions have an initial cap price of $11.86 per share, a 100% premium.
- Bitfarms Ltd., a subsidiary of Keel, will fully and unconditionally guarantee the notes.
- The offering is expected to close on or about June 9, 2026, subject to market conditions.
Price Impact
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