STOCKS | Keel Infrastructure Completes $458 Million Convertible Notes Offering Due 2032

Keel Infrastructure, a Nasdaq-listed Bitcoin mining company formerly known as Bitfarms, has completed an offering of $458 million in convertible senior notes with a 1.25% coupon, maturing in 2032. According to Foresight News, the notes have an initial conversion price of about $7.41, representing a 25% premium to the June 4 closing price. The company said part of the proceeds will be used to purchase capped call options to hedge potential dilution risk upon conversion of the notes. Keel stated that its existing liquidity is expected to be sufficient to support development of the Panther Creek, Sharon, and Moses Lake projects through leasing. It added that the financing is intended to increase flexibility for general corporate purposes, including long-term equipment deposits and collateral for letters of credit related to data center projects.