← Keel Infrastructure · FinancingEdit
Macquarie project-specific financing facility (up to $300 million)
Oct 10, 2025 · OtherTerms of issuance
Instrument
Term loan / DDTL
Principal
$300.0M
Net proceeds
Drawn (of commitment)
$0 as of Jun 30, 2026
Issue date
Oct 10, 2025
Maturity
Seniority
Conversion ratio
n/a
Settlement
n/a
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
Context
Shares outstanding (as of issue date)
552,599,613
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Phase 1 of Panther Creek data center development; additional $50 million draw to fund long-lead time equipment purchases, civil works and substation construction
Other financing outstanding (excl. this instrument)
At-the-market equity program (up to US$375 million) ($375.0M), 1.375% Convertible Senior Notes due 2031 ($588.0M), 1.250% Convertible Senior Notes due 2032 ($458.0M)
— of which existing debt
$1.42B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
none
Related site
Sources
OtherBitfarms secures up to $300 million Macquarie facility for Panther Creek
May 1, 2025OtherBitfarms converts Macquarie facility to $300 million project financing
Oct 10, 2025