TechFlow News, June 10: According to Globe Newswire, Keel Infrastructure Corp. (NASDAQ/TSX: KEEL) announced the completion of a $458 million issuance of 1.250% convertible senior notes, including the $58 million over-allotment option exercised by the initial purchasers. The notes mature on January 15, 2032, with an initial conversion price of approximately $7.41 per share—representing a ~25% premium over the closing price of $5.93 per share on June 4.
The company’s net proceeds amount to approximately $445.4 million. A portion of the proceeds will be used to pay fees related to capped call transactions (with a cap price of $11.86 per share, representing a 100% premium) to hedge against potential share dilution arising from note conversion; the remainder will be used for general corporate purposes, including long-cycle equipment procurement and letter-of-credit guarantees for data center development projects.
