06:36 AM EDT, 06/05/2026 (MT Newswires) -- U.S.-listed shares of Keel Infrastructure ( KEEL ) fell 7.9% in pre-market trading on Friday after the company priced its offering of $400 million of 1.250% convertible senior notes due 2032.

The company also granted the initial purchasers of the convertible notes an option to buy, for a 13-day period beginning on and including the date on which the convertible notes are first issued, up to an additional $58 million of the convertible notes. The amount of the offering was increased from the previously announced offering size of $350 million, it said.

The offering is expected to close on or about June 9, subject to closing conditions. The convertible notes will be senior unsecured obligations of the company and will accrue interest at a rate of 1.250% per annum, payable semi-annually in arrears on Jan. 15 and Jul. 15 of each year, beginning on Jan. 15, 2027.

Keel Infrastructure ( KEEL ) entered into privately negotiated capped call transactions with one or more of the initial purchasers of the convertible notes, their respective affiliates, and/or other financial institutions, in connection with the pricing of the convertible notes. Proceeds will be used to fund the cost of entering into the capped call transactions and the remaining proceeds for general corporate needs.

Shares of the company closed down 4.2% to $8.24 on Thursday on the Toronto Stock Exchange.