Keel Infrastructure Corp. announced the pricing of an upsized public offering of $400 million in convertible senior notes. The proceeds are intended to fund capped call transactions and accelerate the development of the company's data center projects.
Key Details
- Offering Size: $400 million aggregate principal of 1.250% convertible senior notes due 2032. The offering was increased from a previously announced $350 million.
- Purchaser Option: Initial purchasers have a 13-day option to buy up to an additional $58 million in notes.
- Conversion Terms: The notes have an initial conversion price of approximately $7.41 per share, representing a 25% premium to the stock's closing price on June 4, 2026.
- Use of Proceeds: Funds will be used for capped call transactions to reduce potential shareholder dilution and for general corporate purposes, including accelerating data center development. The offering is expected to close around June 9, 2026.