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FINWIRES

Keel Infrastructure Closes US$458 Million Senior Notes Offering

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Keel Infrastructure (KEEL.TO) after trade Tuesday said it completed its offering of US$458 million of 1.250% convertible senior notes due 2032, including the full exercise of a US$58 million option granted to the initial purchasers.

Net proceeds stood at about US$445.4 million, after underwriting discounts and commissions but before offering expenses and the cost of the capped call transactions, according to the statement.

The company said a portion of the proceeds will be used to fund capped-call transactions, while the remaining funds will be used for general corporate purposes. These may include deposits for long-lead equipment and collateral for letters of credit related to the expansion and acceleration of data center development projects.

"The company's existing liquidity is expected to be sufficient to develop Panther Creek, Sharon, and Moses Lake through leasing. The proceeds from this offering are expected to improve the company's flexibility to make value-add investments across the company's current developments," it added.

The company's shares closed down C$0.31 to C$7.56 on the Toronto Stock Exchange.

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