---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-067042"
form_type: "8-K"
ticker: "KEEL"
cik: "0001812477"
company_name: "Keel Infrastructure Corp."
filed_at: "2026-06-10T01:14:25+00:00"
generated_at: "2026-06-10T10:07:19.628997+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Keel Infrastructure closes $458M convertible notes offering with 1.25% coupon, conversion at $7.41

## Summary
- $458M aggregate principal, net proceeds ~$445.4M after discounts and commissions.
- Interest 1.25% p.a., payable semi-annually; matures Jan 15, 2032 unless earlier converted.
- Initial conversion price ~$7.41/share (25% premium to $5.93); capped call cap $11.86/share.
- Capped call transactions cost ~$41.7M, expected to reduce dilution upon conversion.
- Proceeds for general corporate purposes, including data center development deposits and letters of credit.

## SEC filing metadata
- accession: 0001213900-26-067042
- form_type: 8-K
- ticker: KEEL
- cik: 0001812477
- company_name: Keel Infrastructure Corp.
- filed_at: 2026-06-10T01:14:25+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1812477/000121390026067042/0001213900-26-067042-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1812477/000121390026067042/ea0294115-8k_keelinfra.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-067042
- JSON: https://secwatch.observer/filing/0001213900-26-067042.json
- Plain text: https://secwatch.observer/filing/0001213900-26-067042.txt

## Key facts
- Debt Financings
  Keel Infrastructure Corp. incurred convertible notes of $458,000,000 aggregate principal amount with Computershare Trust Company, N.A. at 1.250% per annum maturing January 15, 2032.
  - Instrument: convertible notes
  - Principal: $458,000,000 aggregate principal amount
  - Counterparty: Computershare Trust Company, N.A.
  - Rate: 1.250% per annum
  - Maturity: January 15, 2032
  - Event: incurrence
  source text: On June 9, 2026, Keel Infrastructure Corp. (the "Company") issued $458,000,000 aggregate principal amount of its 1.250% Convertible Senior Notes due 2032 (the "Notes").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1812477/000121390026067042/0001213900-26-067042-index.htm
- Equity Issuances
  Keel Infrastructure Corp. issued a maximum of 77,234,372 shares of Common Stock of convertible note to initial purchasers for $458,000,000 aggregate principal amount.
  - Security: convertible note
  - Shares: a maximum of 77,234,372 shares of Common Stock
  - Purchaser: initial purchasers
  - Consideration: $458,000,000 aggregate principal amount
  source text: On June 9, 2026, Keel Infrastructure Corp. (the “Company”) issued $458,000,000 aggregate principal amount of its 1.250% Convertible Senior Notes due 2032 (the “Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1812477/000121390026067042/0001213900-26-067042-index.htm
- Material Agreements
  Keel Infrastructure Corp. entered into Indenture with Computershare Trust Company, N.A. valued at $458,000,000 aggregate principal amount (effective 2026-06-09).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Computershare Trust Company, N.A.
  - Value: $458,000,000 aggregate principal amount
  - Effective: 2026-06-09
  source text: On June 9, 2026, Keel Infrastructure Corp. (the “Company”) issued $458,000,000 aggregate principal amount of its 1.250% Convertible Senior Notes due 2032 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of June 9, 2026, among the Company, Bitfarms Ltd., as guarantor (the “Guarantor”), and Computershare Trust Company, N.A., as trustee (the “Trustee”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1812477/000121390026067042/0001213900-26-067042-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.