Bitcoin mining company KeelInfrastructure completes issuance of $458 million in convertible senior notes

According to Globeneewswire, Nasdaq-listed bitcoin miner KeelInfrastructure (formerly Bitfarms) has completed the issuance of US$458 million in convertible senior notes with a coupon rate of 1.25%, due in 2032, and an initial conversion price of approximately US$7.41 (a 25% premium to the closing price on June 4). Part of the funds raised were used to purchase capped call options to hedge the dilution risk when the notes were converted. Keel said existing liquidity is expected to be sufficient to develop Panther Creek, Sharon and Moses Lake projects through leasing, and this fundraising will increase the company's flexibility for general corporate purposes such as long-term equipment deposits or collateral for letters of credit for data center projects.