Bitcoin mining company Keel Infrastructure completes issuance of $458 million senior convertible notes due 2032

TechFlow News, June 10: Keel Infrastructure has completed the issuance of $458 million in aggregate principal amount of senior convertible notes due 2032, bearing a coupon rate of 1.250%. The offering included a $58 million over-allotment option, which was fully exercised by the initial purchasers.

The net proceeds from this issuance amount to approximately $445.4 million. A portion will be used for capped call transactions to hedge against dilution arising from conversion prior to the stock price reaching $11.86 per share; the remainder will be used for general corporate purposes, including equipment deposits and letter-of-credit guarantees related to data center development. The initial conversion price is approximately $7.41 per share.