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4 stories mentioning KEEL.TOUpdated 14d ago

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Mining & Metals

Keel Infrastructure Closes US$458 Million Senior Notes Offering

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.

$KEEL.TO
Mining & Metals

Keel Infrastructure Down 7.9% in U.S. Pre-Market Trade After Pricing Upsized $400 Million of Convertible Senior Notes

U.S.-listed shares of Keel Infrastructure (KEEL.TO, KEEL) fell 7.9% in pre-market trading on Friday after the company priced its offering of $400 million of 1.250% convertible senior notes due 2032.The company also granted the initial purchasers of the convertible notes an option to buy, for a 13-day period beginning on and including the date on which the convertible notes are first issued, up to an additional $58 million of the convertible notes. The amount of the offering was increased from the previously announced offering size of $350 million, it said.The offering is expected to close on or about June 9, subject to closing conditions. The convertible notes will be senior unsecured obligations of the company and will accrue interest at a rate of 1.250% per annum, payable semi-annually in arrears on Jan. 15 and Jul. 15 of each year, beginning on Jan. 15, 2027.Keel Infrastructure entered into privately negotiated capped call transactions with one or more of the initial purchasers of the convertible notes, their respective affiliates, and/or other financial institutions, in connection with the pricing of the convertible notes. Proceeds will be used to fund the cost of entering into the capped call transactions and the remaining proceeds for general corporate needs.Shares of the company closed down 4.2% to $8.24 on Thursday on the Toronto Stock Exchange.

$KEEL.TO
Mining & Metals

Keel Infrastructure Down 8.8% After Hours as It Plans a US$350 Million Convertible Senior Notes Offering

Keel Infrastructure (KEEL.TO, KEEL) was down 8.8% in after-hours Nasdaq trade after the company on Thursday said it plans to offer US$350 million in convertible senior notes due 2032.The notes will be fully and unconditionally guaranteed on a senior unsecured basis by Bitfarms, Keel's wholly owned subsidiary. The company also expects to grant initial purchasers an option to buy up to an additional $58 million of notes within 13 days of issuance, according to the statement.The company did not offering pricing or conversion details for the notes.The notes will be senior unsecured obligations of Keel and will pay interest semi-annually on Jan. 15 and July 15, beginning Jan. 15, 2027. Unless earlier repurchased, redeemed, or converted, the notes will mature on Jan. 15, 2032, the company added.Keel also said that, in connection with the convertible notes offering, it expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers, their affiliates, and/or other financial institutions.Part of the proceeds will be used to fund capped call transactions, with the remainder allocated to general corporate purposes, the company added.The company's shares were last seen down US$0.52 to US$5.41 after hours. They closed down C$0.36 to C$8.24 on the Toronto Stock Exchange.

$KEEL$KEEL.TO
Mining & Metals

Keel Infrastructure Higher in U.S. Pre-Market Trading as Completes Sale of Paraguay Asset

Keel Infrastructure (KEEL.TO), up 3.6% in U.S. pre-market trade, said Wednesday that it has closed the sale of its 70 MW site in Paso Pe, Paraguay, for total net proceeds of US$13 million, from an originally agreed price of up to US$30 million.The revision reflects the deterioration in Bitcoin mining economics and "broader macro factors", the company said in a statement."This sale marks the end of a chapter. Keel Infrastructure now has a 100% North American portfolio, with zero Latin American exposure and no remaining non-core assets to manage or divest," said chief executive Ben Gagnon."The price adjustment reflects where Bitcoin mining economics stand today and our thesis remains the same. We brought forward roughly two to three years of estimated free cash flow under current market conditions, in cash, and upfront."Gagnon said the capital will be immediately allocated to Keel's HPC/AI pipeline development, which the company expects will be able to generate much stronger returns.Keel Infrastructure shares were last seen up US$0.10, to US$2.90, in New York trading.

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