Keel Infrastructure Announces Pricing of $400 Million Convertible Senior Notes

Summary

Keel Infrastructure Corp. announced the pricing of $400 million aggregate principal amount of 1.250% convertible senior notes due 2032. The offering amount was increased from the initially announced $350 million. The Company intends to use a portion of the net proceeds to fund capped call transactions and the remaining for general corporate purposes, including funding deposits for long-lead equipment and/or collateralizing letters of credit related to expanding and/or accelerating data center development projects. The notes will accrue interest at a rate of 1.250% per annum, payable semi-annually in arrears. The Convertible Notes will have an initial conversion rate of 134.9073 shares of common stock per $1,000 principal amount of Convertible Notes, equivalent to an initial conversion price of approximately $7.41 per share of common stock. The Company entered into capped call transactions to reduce potential dilution upon conversion of any Convertible Notes.