Digital and energy infrastructure provider Keel Infrastructure has closed $458 million of convertible senior notes, with a portion of the proceeds earmarked for its data center projects.
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The notes offering of $458m aggregate principal amount of 1.250 percent convertible senior notes was closed on June 9, due 2032. Initial purchasers have the option to exercise a further $58m in notes.
Keel will take $445.4m in net proceeds, after deducting initial purchasers’ discounts and commissions. The initial conversion price is around $7.41 per share of common stock, an approximate 25 percent premium on the sale price of $5.93 per share reported on June 4.
The remaining amount will be used for a number of purposes, including funding deposits for long-lead equipment and collateralizing letters of credit related to expanding and/or accelerating data center development projects.
