Keel Infrastructure (KEEL) priced its upsized offering of $400 million of 1.25% convertible senior notes due Jan. 15, 2032, the company said Friday.

Initial purchasers have been granted a 13-day option to purchase up to an additional $58 million of the notes.

The offering, which was upsized from $350 million, is expected to close around June 9.

The company said it aims to use a portion of the proceeds from the offering to fund the cost of entering into capped call transactions, as well as for general corporate purposes.

Keel Infrastructure Corp stock down 8% in premarket trading on Friday.