← Keel Infrastructure · FinancingEdit
1.250% Convertible Senior Notes due 2032
Jun 9, 2026 · ClosedTerms of issuance
Instrument
Convertible notes
Principal
$458.0M
Net proceeds
$445.4M
Coupon
1.25%
Issue date
Jun 9, 2026
Maturity
2032
Seniority
Conversion ratio
134.9528 shares / $1,000 principal
Settlement
Conversion terms
Reference stock price
Conversion premium
n/acalculated from conversion price & reference stock price
Conversion price
$7.41
Underlying shares
61,808,367calculated: principal ÷ conversion price, unless directly stated
Dilution %
10.2%calculated: underlying shares ÷ basic shares outstanding as of issue date
Conversion window opens
Early conversion trigger
Early conversion threshold
n/acalculated: conversion price × trigger %
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Maturity scenarios
Below $7.41Notes redeemed for cash at maturity (or company's election); no dilution.
Above $7.41In the money — full dilution from conversion, no hedge in place.
Context
Shares outstanding (as of issue date)
603,828,651
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Fund Panther Creek, Sharon, and Moses Lake site development through leasing
Other financing outstanding (excl. this instrument)
At-the-market equity program (up to US$375 million) ($375.0M), Macquarie project-specific financing facility (up to $300 million) ($300.0M), 1.375% Convertible Senior Notes due 2031 ($588.0M)
— of which existing debt
$1.26B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
Related acquisition
none
Related deal
none
Related site
none
Sources
ClosedKeel Infrastructure closes $458 million of 1.250% convertible senior notes due 2032
Jun 9, 2026