Keel Infrastructure Completes $458M Convertible Notes Offering, Conversion Price Sets at $7.41

According to Globenewswire, Nasdaq-listed Bitcoin miner Keel Infrastructure (formerly Bitfarms) completed the issuance of $458 million in convertible preferred notes on June 10. The notes carry a 1.25% coupon rate and mature in 2032, with an initial conversion price of $7.41, representing a 25% premium to the June 4 closing price. A portion of the proceeds will be used to purchase capped call options to hedge dilution risk upon note conversion. Keel stated that existing liquidity is sufficient to develop mining projects, and the new capital will enhance flexibility for long-term equipment deposits and data center facility operations.
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