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- Keel Infrastructure shares fell 8% pre‑market after pricing a $400 million convertible senior note offering.
- Keel Infrastructure upsized the offering from $350 million to $400 million, issuing 1.25% notes maturing in 2032 with a conversion price of $7.41 per share (a 25% premium to the June 4 close).
- Keel Infrastructure plans to use the proceeds to expand data‑center capacity and support its AI infrastructure pipeline, leveraging its power assets and grid‑connected sites.
- Keel Infrastructure has rebranded from crypto miner Bitfarms to an AI and digital infrastructure company, shifting focus to high‑performance computing and AI workloads.
Why it matters: Shareholders see an 8% pre‑market drop as the $400 M note issuance adds leverage and potential dilution, while Keel secures capital to expand AI‑focused data‑center assets, positioning the firm for growth in high‑performance computing.
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