Keel prices $400M convertible notes offering, upsized from $350M, to fund data center growth

Filed June 5, 2026 · Period ending June 4, 2026 · ~1 min read

Key Changes

• high

  Priced $400M of 1.250% convertible senior notes due 2032, upsized from previously announced $350M, with 13-day option for additional $58M. Notes convert at $7.41/share, a 25% premium to June 4 close of $5.93.

  Item 8.01 — Other Events verify on EDGAR →
• medium

  Entered capped call transactions with cap price of $11.86/share (100% premium to June 4 close) to reduce dilution from conversion and offset cash payments above principal.

  Item 8.01 — Other Events verify on EDGAR →
• medium

  Will use proceeds to fund capped calls and for general corporate purposes including equipment deposits and letters of credit for data center development at Panther Creek, Sharon, and Moses Lake.

  Item 8.01 — Other Events verify on EDGAR →