PlayAGS, Inc.

On October 14, 2025, KeyBanc Capital Markets Inc. (KBCM) closed $75 million in Senior Secured Credit Facilities for Lightshift Energy’s battery energy storage systems (BESS) portfolio of six operating and 10 construction-ready projects. This financing, which includes a term loan, construction-to-term loan, and tax equity bridge loan, will help strengthen and accelerate Lightshift’s rapidly growing pipeline of energy storage projects across the East Coast.

The portfolio includes 16 battery energy storage projects, totaling 88 MW and 384 MWh in capacity, with installations located in Massachusetts (27 MW), Vermont (19 MW), and Virginia (42 MW). These construction-ready projects are expected to reach commercial operation during the second half of 2026. Revenue will be generated through energy storage service agreements with public power utilities and an industrial client.

This marks the second transaction in 2025 with Lightshift Energy. Earlier in June, KeyBanc Capital Markets served as exclusive financial advisor for Lightshift’s development capital raise from Aiga Capital Partners. 

About Lightshift Energy
Lightshift is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia. Founded in 2019, Lightshift is developing a diverse, multi-gigawatt pipeline of energy storage projects, located throughout the U.S. With leading energy storage analytics, application design, finance, and development expertise, Lightshift deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners, while reinvesting directly into the communities where their projects are located.

On October 3, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of $300 million Senior Secured Credit Facilities for WarHorse Gaming, LLC, wholly owned by the Winnebago Tribe of Nebraska’s award-winning economic development corporation, Ho-Chunk, Inc. The financing included a $250 million Term Loan A and a $50 million Revolving Credit Facility. Proceeds will be used to refinance existing indebtedness, fund working capital and capital expenditures, and general corporate purposes.

KBCM was selected to serve as Joint Lead Arranger on the transaction due to our successful track record of executing syndicated transactions and industry expertise in the debt capital markets.

About WarHorse Gaming, LLC
The Tribe established WarHorse in 2022 to develop, own, and operate two commercial casinos in eastern Nebraska: WarHorse Gaming Lincoln, LLC and WarHorse Gaming Omaha, LLC. WarHorse completed its multi-phase development in April 2025 and currently features an aggregate of 1,900 slot machines, 28 table games, several F&B options, and other premium amenities.

About Ho-Chunk, Inc.
Ho-Chunk, Inc. (“Ho-Chunk”) was established in 1994 as an independent commercial entity owned by the Tribe. Ho-Chunk owns and operates a diversified portfolio of businesses spanning multiple end markets including gaming & real estate, manufacturing & distribution, consumer, and government contracting. As a long-term capital provider, Ho-Chunk prioritizes their dual mission of generating revenue and affecting positive social and economic impact.

About Winnebago Tribe of Nebraska
Winnebago Tribe of Nebraska is a federally recognized sovereign nation comprised of over 5,000 enrolled members. Tribal lands encompass over 27,600 acres across eastern Nebraska.

On October 3, 2025, KeyBanc Capital Markets (KBCM) successfully advised Avance Investment Management, LLC (Avance or the Company) on its acquisition of Barchemy, LLC (Barchemy), a developer and manufacturer of chocolate and confectionery ingredients. KBCM was engaged to serve as the Exclusive Buy-Side Advisor to Avance based on our long-standing relationship with the Company and Barchemy, deep Food & Beverage domain expertise and relevant M&A execution experience.

Avance is a private equity firm with offices in New York and Miami, focused on building middle market businesses in partnership with talented founders and management teams. Avance makes thematic investments within the Consumer, Services and Technology sectors in the U.S., seeking attractive opportunities with catalysts for growth within fragmented spaces with consolidation opportunities. The Company has a long history of partnering with founder-owned businesses, industry executives and management teams to add value.

Founded in 2005, Barchemy is an innovative manufacturer of high-quality, better-for-you chocolate and confectionary ingredients for the nutritional bar, bakery, confectionary and ice cream industries. Barchemy specializes in custom-formulated solutions across several applications and formats, offering an assortment of ~300 coatings, filings and inclusions. Barchemy is headquartered near Pittsburgh, Pennsylvania where it operates ~110K sq. ft. of manufacturing space across three facilities.

KeyBank Community Development Lending & Investment provided $71.2 million in capital for new construction of The Heights, a 160-unit affordable housing project in Akron, Ohio. All 160 units will serve families and individuals earning no more than 40%-70% of Area Median Income (AMI). The property will feature amenities for residents that will include a clubhouse and picnic area, fitness center, and a playground. We want to thank DFP Development LLC and Industrial Realty Group LLC for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $30.1 million construction loan, $26.2 million in LIHTC equity, $15.4 million permanent loan arranged by Key Commercial Mortgage Group, and $25 million public sale of tax-exempt private activity bonds arranged by KeyBank Capital Markets.

KeyBank Community Development Lending & Investment provided $5.8 million in capital for the new construction of Brynhill Apartments, a 59-unit affordable housing project in North Plains, Oregon. All 59 units will serve families and individuals earning no more than 30%-60% of Area Median Income (AMI). Supportive services will be offered to residents by Centro Cultural, a community-based and culturally specific organization serving the Latinx community in Washington Counties. CC provides multigenerational and culturally specific services through the following core program areas: K-12 STEAM education, workforce development, small business technical assistance, public engagement, civic advocacy, community health and wellness, transitional housing, and community-wide arts and cultural events. We want to thank Home First Development Green Light Investments for their sponsorship and shared mission to build much-needed affordable housing in Oregon.

The financing includes a $3.3 million construction loan and a $2.5 million permanent loan.

KeyBank Community Development Lending & Investment provided $12.8 million in capital for the new construction of Artem on Gay, a 71-unit affordable housing project in Columbus, Ohio. All 71 units will serve families and individuals earning no more than 30%-80% of Area Median Income (AMI). The property will feature amenities for residents including a community room and a fitness center. We want to thank the Ohio Community Development Finance Fund for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $8.3 million construction loan and a $4.5 million permanent loan.

KeyBank Community Development Lending & Investment provided $66 million in capital for the new construction of Vita Lifestyle of Lafayette, a 198-unit senior affordable housing project in Lafayette, Indiana. This project will serve senior citizens earning no more than 40%–60% of Area Median Income (AMI). The property will feature amenities for residents that include a community room, pet wash, sports courts, and community patio. We want to thank Vita Investment Holdings LLC for their sponsorship and shared mission to build much-needed affordable housing in Indiana.

The financing includes $37.2 million in construction loans, a $28.8 million permanent loan arranged by Key Commercial Mortgage Group, and bond underwriting arranged by KeyBank Capital Markets.

KeyBank Community Development Lending and Investment (CDLI) provided a $25.9 million loan to finance the new construction of 1434 W. Compton Blvd LP, a 75-unit affordable housing project located in Compton, California. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group, LLC, to develop the project. This is the inaugural development project between the sponsor, CRCD, and LandSpire Group, LLC, a partnership that aims to produce 1,000+ permanent supportive and affordable housing units across the Greater Los Angeles area over the next decade.

The project will be a three-story development consisting of studio, one-bedroom and two-bedroom units, all of which are restricted at or below 50% of the area median income (AMI). Fifty percent of the units are set aside as permanent supportive housing, and the remaining 50% as general affordable housing. Additional LIHTC equity and Freddie Mac TEL permanent financing were secured from Walker & Dunlop.

Founded in 2005, the Coalition for Responsible Community Development (CRCD) is a 501(c) 3 organization dedicated to improving the quality of life in South Los Angeles. CRCD supports low-income residents and small businesses with jobs, education, training, affordable housing, and comprehensive support. Since its inception, CRCD has facilitated $160 million in investments, creating 464 housing units and additional development worth $665 million.

Founded in 2019, LandSpire Group is a Southern California-based real estate private equity firm specializing in investing in ground-up developments in select U.S. markets that are experiencing housing affordability challenges and supply imbalances. LandSpire's housing portfolio currently consists of 500 units of market rate and workforce housing, with an additional 400 units of affordable and workforce housing scheduled for delivery by the end of 2025.

1434 W. Compton Blvd LP, which is expected to be completed by May 2027, will have onsite amenities including laundry facilities, a community room, a tot lot, a landscaped courtyard, an amphitheater-style seating area, a basketball/multi-court play area, onsite parking and a resident manager. Social services will also be provided on-site by CRCD and other community partners.

Matthew Haas and Cathy Danigelis of KeyBank CDLI structured the financing.

On September 30, 2025, KeyBanc Capital Markets acted as Co-Manager on a $286.35 million Follow-On Offering for AAR Corp. (AAR or the Company).

AAR is a leading independent provider of solutions to the global aviation aftermarket. The Company offers a broad line of products and services to commercial and defense aerospace customers. AAR operates globally in over 20 countries through four business segments: Parts Supply, Repair & Engineering, Integrated Solutions and Expeditionary Services. For the year ended May 31, 2025, the Company generated sales of $2.8 billion. For the quarter ended August 31, 2025, the Company generated sales of $739.6 million. AAR was founded in 1951, is based in Wood Dale, Illinois and as of May 31, 2025 employed approximately 5,600 employees worldwide.

On September 26, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed a new financing transaction for Ho-Chunk Nation of Wisconsin (HCN). The $610 million Senior Secured Credit Facilities (the Credit Facilities) consist of a $305 million Revolving Credit Facility and a $305 million Delayed Draw Term Loan. In combination with ~$95 million of equity, proceeds of the Credit Facilities will be used to finance the construction of the Nation’s new flagship casino resort in Beloit, Wisconsin, and pay fees and expenses. KBCM acted as Left Lead Arranger, Joint Bookrunner and Administrative Agent on the transaction.

HCN is a new Left Lead Agency for KBCM. KBCM was selected to arrange the financing due to our unmatched experience and expertise in the Native American Financial Services industry, robust Debt Capital Markets platform, and historical track record of success leading and syndicating transactions in the gaming space.

About Ho-Chunk Nation of Wisconsin
Ho-Chunk Nation is a federally recognized sovereign Tribal nation with ~7,766 enrolled members. Headquartered in Black River Falls, Wisconsin, the Nation’s trust lands are mainly non-contiguous and scattered across 14 counties throughout Wisconsin and surrounding states. The Ho-Chunk Nation Legislature skillfully negotiated and authorized the credit facility. The Nation’s Department of Business is responsible for the management and administration of its business enterprises, including Ho-Chunk Gaming Wisconsin.

About Ho-Chunk Gaming Wisconsin
The Nation currently owns and operates six gaming facilities under the Ho-Chunk Gaming Wisconsin brand, with locations in Black River Falls, Wisconsin Dells, Madison, Wittenberg, Tomah, and Nekoosa. Ho-Chunk Gaming Wisconsin is developing a new ~$705 million destination-style casino resort in Beloit, Wisconsin. The property will feature over 1,500 slot machines and 40 table games, a 312-room hotel with a rooftop lounge, numerous food and beverage outlets, a 2,000-seat convention center, and a parking garage. Construction started in October 2024 with the Casino opening in September 2026. The Hotel and Convention Center is expected to be completed in September 2027.

In September 2025, KeyBank successfully upsized and closed a $300 million Senior Secured Revolving Credit Facility for Pursuit Attractions and Hospitality, Inc. (“Pursuit” or the “Company”). KeyBanc Capital Markets acted as Joint Lead Arranger and Co-Syndication Agent.

Pursuit Attractions and Hospitality, Inc. is an attractions and hospitality company. The Company offers a diverse portfolio including world-class attractions, distinctive lodges, sightseeing tours, wildlife safaris in national parks, and immersive FlyOver flight ride experiences in the United States, Canada, Iceland, and Costa Rica. The Company's customers include individuals and groups seeking immersive and unforgettable experiences in iconic destinations.

On September 18, 2025, KeyBanc Capital Markets served as Joint Bookrunner on Pattern Group Inc.’s (Pattern or the Company) $300 million Initial Public Offering of 21,428,572 shares, excluding overallotment.

Pattern accelerates brands on global e-commerce marketplaces leveraging proprietary technology and AI. Utilizing more than 46 trillion data points, sophisticated machine learning and AI models, Pattern optimizes and automates all levers of e-commerce growth for global brands, including advertising, content management, logistics and fulfillment, pricing, forecasting and customer service. Hundreds of global brands depend on the Company’s e-commerce acceleration platform every day to drive profitable revenue growth across 60+ global marketplaces — including Amazon, Walmart.com, Target.com, eBay, Tmall, TikTok Shop, JD, and Mercado Libre.

On September 17, 2025, KeyBanc Capital Markets served as Joint Bookrunner on Netskope, Inc.’s (Netskope or the Company) $1.04 billion Initial Public Offering of 54,970,000 shares, including overallotment.

Netskope, a leader in modern security and networking for the cloud and AI era, addresses the needs of both security and networking teams by providing optimized access and real-time, context-based security for people, devices, and data anywhere they go. Netskope delivers its offerings through a Software-as-a-Service business model, selling subscriptions that provide customers access to its platform along with related support services. The Company is a developer of a cloud security platform designed to provide visibility and real-time data and threat protection while accessing websites and private applications.

On September 17, 2025, KeyBanc Capital Markets Inc. (KBCM) closed on the Health System Revenue Bonds, Series 2025 (the 2025 Taxable Bonds) for the San Carlos Apache Healthcare Corporation, Inc. (the Corporation). 

Proceeds of the 2025 Taxable Bonds will be used, along with Corporation equity, to finance a 100-bed long-term care and skilled nursing facility (the Project) on the San Carlos Apache Tribe’s reservation, located ~130 miles east of Phoenix, Arizona. The Project will be adjacent to the Corporation’s 12-bed critical access hospital, enabling members of the San Carlos Apache Tribe (the Tribe) to receive culturally sensitive care and remain close to loved ones.

KBCM assisted the Corporation in securing an ‘A-’ credit rating from Fitch Ratings, supporting the marketing of the 2025 Taxable Bonds. This credit rating is believed to be the first ever for a tribal healthcare operator in the lower 48 states, and one of the highest ever credit ratings for a Native American tribe or tribally chartered corporation. This financing arrangement is distinguished by the absence of a guaranty from any other party and lack of security from sources other than the revenue and assets of the Corporation’s Health System. This structure may help pave the way for other tribes’ health systems and tribally chartered corporations to issue debt secured solely by health system revenues, facilitating future capital projects. Further, the terms of the 2025 Taxable Bonds allow the Corporation to issue additional debt without lender consent if certain financial covenants are met. After seven years, the Bonds can be called at par. Once operational, the Project is eligible to enter a Section 105(l) lease with the Indian Health Services to receive reimbursements for Project costs, including bond debt service.

About San Carlos Apache Healthcare Corporation and the San Carlos Apache Tribe
The San Carlos Apache Healthcare Corporation Inc. or Izeé Baa Gowáh, is a subsidiary economic development enterprise of the Tribe, organized as a nonprofit corporation under the San Carlos Apache Tribe Nonprofit Corporation Act. The Corporation is currently organized and operated solely and exclusively for charitable health care and research purposes, and specifically to support and assist in the provision of holistic and comprehensive hospital and clinical health care services, and for the advancement of the health and social welfare of the Tribe and its members, to assist the Tribe in achieving greater self-sufficiency and self-governance, and to stimulate employment, entrepreneurial, and economic opportunities within the reservation. 

The Corporation currently operates a health care campus on approximately 170 acres in Peridot, Arizona, including a 12-medical/surgical bed critical access hospital, a dental clinic, support facilities and employee/provider housing, and a health care campus on approximately 50 acres in Bylas, Arizona, which includes a rural health center. This system provides healthcare for the Tribe, which has an enrolled population of 17,270 members.

In September 2025, KeyBanc Capital Markets (KBCM) acted as Joint Bookrunner on Amkor Technology, Inc.’s (Amkor or the Company) offering of $500 million Senior Notes due 2033 (the Notes). Proceeds from the Notes will be used to repay the existing 6.625% Senior Notes due 2027, for general corporate purposes, and to pay related fees and expenses. 

KBCM was selected to serve as Joint Bookrunner on the offering as a result of our deep industry knowledge and High Yield Capital Markets expertise.

Amkor is the world’s largest U.S.-headquartered OSAT service provider and is a global leader in outsourced semiconductor packaging and test services. Since its founding in 1968, Amkor has pioneered the outsourcing of integrated circuit packaging and test services and is a strategic manufacturing partner for the world’s leading semiconductor companies, foundries, and electronics OEMs. Amkor provides turnkey manufacturing services for the communication, computing, automotive and industrial and consumer markets, including smartphones, data centers, artificial intelligence, electric vehicles and wearables.

In September 2025, Rocket Lab Corporation filed a $750 million At-the-Market Offering with KeyBanc Capital Markets. Key acted as one of seven agents.

Rocket Lab Corporation (RKLB) is an end-to-end space company with an established track record of mission success. RKLB delivers reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space.

In September 2025, we served as Active Joint Bookrunner on Interstate Power & Light’s (IPL) issuance of $300 million Senior Debentures due October 1, 2055, with a 5.6% coupon. IPL, a wholly owned subsidiary of Alliant Energy Corporation, is a public utility serving Iowa with electricity and natural gas. It provides electric service to about 500,000 customers and 230,000 natural gas customers.

IPL intends to use the net proceeds to reduce outstanding capital under their receivables purchase and sale program, to reduce outstanding commercial paper, and/or for general corporate purposes. KeyBanc Capital Markets served as Active Joint Bookrunner.

On September 10, 2025, KeyBanc Capital Markets (KBCM) successfully priced $225 million of Convertible Senior Notes due 2031 for Astronics Corporation (Astronics or the Company). Proceeds will be used to fund the repurchase of a portion of the existing 5.500% Convertible Senior Notes due 2030 and to fund a Capped Call in connection with the offering. KBCM acted as Joint Bookrunner on the transaction. 

Astronics Corporation (NASDAQ: ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. The Company works side-by-side with customers, integrating their array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, militaries, completion centers, and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics.

KeyBank Community Development Lending & Investment provided $22.4 million in capital for the new construction of Timber Ridge, a 52-unit senior affordable housing project in Davenport, Iowa. All 52 units will serve senior citizens earning no more than 40%-60% of Area Median Income (AMI). The property will feature amenities for residents that will include a clubhouse, fitness center, business center, playground, and a picnic area. We want to thank Woda Cooper Companies Inc for their sponsorship and shared mission to build much-needed affordable housing in Iowa.

The financing includes a $11.2 million construction loan and $11.2 million in LIHTC equity.

KeyBank Community Development Lending & Investment provided capital for new construction of Beeler Park Flats, a 64-unit affordable housing project in Denver, Colorado. All 64 units will serve families and individuals earning no more than 30%-60% Area Median Income (AMI). Supportive services will be offered to residents through the Foundation for Sustainable Urban Communities (FSUC), who will utilize the community space to provide services that aim to promote healthy living, lifelong learning, and sustainable transportation. We want to thank Mile High Development and BMC Investments for their sponsorship and shared mission to build much-needed affordable housing in Colorado.

The financing includes a construction loan, LIHTC equity, and a Freddie Mac forward commitment for permanent financing.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to HonorHealth in its proposed acquisition of Evernorth Care Group from The Cigna Group.

Cain Brothers advised HonorHealth throughout a competitive process, providing strategic guidance, diligence support, and transaction execution. The transaction expands HonorHealth’s footprint in the Phoenix area and underscores its commitment to delivering coordinated, high-quality care.

HonorHealth is a leading health system with a 100+ year legacy of providing care to the more than 5 million people across the greater Phoenix area. The system operates nine acute care hospitals and a broad network of primary, specialty, and urgent care locations. HonorHealth focuses on expanding access and enhancing care delivery through strategic partnerships and innovation.

Evernorth Care Group provides care to patients in 18 locations across the Phoenix area, serving nearly 200,000 patients. The organization has a 50-year history of providing integrated, high-quality, affordable care and is recognized for its team-based, patient-centered model.  

The Cigna Group (NYSE: CI) is a global health company serving individuals and communities worldwide through its divisions, including Cigna Healthcare and Evernorth Health Services.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, successfully closed the syndication of Senior Credit Facilities for MDVIP, Inc., a portfolio company of Goldman Sachs Asset Management and Charlesbank Capital Partners.

The Credit Facilities consist of a $70 million Revolving Credit Facility and $910 million Term Loan B. Proceeds were used to refinance existing indebtedness and fund a shareholder distribution. KBCM acted as Joint Lead Arranger and Joint Bookrunner.

Founded in 2000, MDVIP is a leading provider of membership-based private healthcare services that offers members highly personalized preventative care and related services through its national network of affiliated physicians. MDVIP provides comprehensive, advanced health screenings and diagnostic tests that are not typically covered by commercial insurance or Medicare. 

GSAM is one of the world’s leading investment managers. With more than 2,000 professionals across 34 offices globally, GSAM delivers investment and advisory solutions to institutional and individual investors. Its strategies span asset classes, industries, and geographies, including fixed income, money markets, public equity, commodities, hedge funds, private equity, and real estate.

Charlesbank, founded in 1998 and based in Boston, Massachusetts, is a private equity firm focused on middle-market investments. The firm targets opportunities across a broad range of sectors, including technology, healthcare, financial services, industrials, consumer, media, and infrastructure, with a geographic focus on the U.S., Canada, Asia, Israel, and the U.K. 

On August 29, 2025, KeyBanc Capital Markets (KBCM) successfully advised United Titanium, Inc. (United Titanium or the Company), on its sale to Riverspan Partners (Riverspan). KBCM was chosen to serve as United Titanium’s Exclusive Sell-Side Advisor based on its industry-leading industrial investment banking franchise, longstanding relationship with the Company and proven M&A execution capabilities.

Founded in 1962 and headquartered in Wooster, Ohio, United Titanium is a leading manufacturer of engineered mission-critical fasteners, fittings and precision components. The Company specializes in hard-to-manufacture alloys including titanium, zirconium, cobalt, nickel, tantalum, nitronic and other specialty alloys. United Titanium serves customers across the defense, electronics, medical, petrochemical, commercial and industrial distribution end markets.

Riverspan is a middle-market private equity firm headquartered in Chicago, Illinois. Founded in 2022, the firm seeks to invest in companies within the chemicals and materials, engineered components, industrial services and manufacturing sectors. The firm is currently investing out of its first institutional fund.

On August 27, 2025, KeyBanc Capital Markets Inc. successfully closed on an $800 million senior secured facility (the Facility) supporting Madison Energy Infrastructure. The construction-to-term Facility will support the expansion and deployment of clean energy infrastructure to customers and partners across the U.S. The Facility positions Madison to meet rapidly growing customer demand as the company advances toward 1 GW of operating capacity. 

About Madison Energy Infrastructure
Madison Energy Infrastructure is building a leading clean energy ecosystem to deliver operational value, certainty, and sustainability to businesses, organizations, and communities. Our robust portfolio is bolstered by the strength of EQT and our globally renowned capital partners. With a proven track record of successfully executing hundreds of projects, we are unwaveringly focused on exceeding expectations and achieving meaningful results for our partners and customers.

On August 26, 2025, KeyBanc Capital Markets (KBCM) successfully advised G2 Secure Staff, LLC (G2 Secure Staff, or the Company), a portfolio company of Tenex Capital Management, L.P. (Tenex), on its sale to Menzies Aviation Ltd. (Menzies Aviation). KBCM was chosen to serve as G2 Secure Staff’s Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with Tenex and the Company and proven M&A execution capabilities. 

G2 Secure Staff is a provider of outsourced aviation services to the US airline industry, supporting airlines across terminals, cabins, ramps, cargo, and security functions. The Company operates across ~90 airports nationwide in key primary and secondary hubs for all of the major US carriers and employs ~12,000 people.

Tenex Capital Management is a private equity firm that invests in middle market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing, and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities.

Menzies Aviation is the leading service partner to the world's airports and airlines, with operations on six continents, at more than 300 airports in 65-plus countries, serving more than 4.8 million flights a year and handling over 2.4 million tons of cargo. Supported by a team of over 50,000 highly trained people, Menzies Aviation provides complex and time-critical ground services, including passenger, lounge and ramp services; air cargo services, including handling, warehousing and wholesale freight forwarding; and fuel services, including fuel farm management and into-plane fueling.

On August 19, 2025, KeyBanc Capital Markets acted as Sole Manager on the successful closing of $32 million National Finance Authority Lease Revenue Bonds, Tax-Exempt Series 2025A and Taxable Series 2025B (the Series 2025 Bonds) for the NCCD-UNR Fieldhouse Properties LLC (the Borrower).

The Series 2025 Bonds were issued to primarily finance the cost of the development, design, construction and equipping of a new fieldhouse and turf fields (the Project) on the campus of the University of Nevada, Reno (UNR). The Nevada System of Higher Education (NSHE), on behalf of UNR, will enter a 35-year Ground Lease and corresponding 30-year Sublease with the Borrower for the purposes of executing the Project.

NSHE currently includes the three universities (one of which is UNR), a research institute, four community colleges and Nevada State University. UNR serves over 20,000 students and offers 123 major fields of study leading to baccalaureate and 131 major fields of study leading to advanced degrees through academic departments in these colleges and schools.

In April 2024, Southwest Gas (NYSE: SWX) IPO’d its utility infrastructure services business, Centuri (NYSE: CTRI), raising $299,460,000. The initial public offering featured primary shares with a use of proceeds for debt repayment, working capital, and general corporate purposes.

In May, June, and August 2025, Centuri priced three follow-on offerings featuring 100% secondary shares. The three transactions represented $750,159,375 in aggregate proceeds and allowed Southwest Gas to partially monetize its position in Centuri to further repay debt at Southwest Gas Holdings and other general corporate purposes. Of note, KeyBanc Capital Markets served as a bookrunner on the June 2025 and August 2025 follow-on offerings.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Streamline Health Solutions (Nasdaq: STRM) on its sale to MDaudit.

Cain Brothers was retained by Streamline Health as its exclusive financial advisor and to deliver a fairness opinion to its Board of Directors based on its extensive knowledge of the HealthTech and revenue cycle management sector. Cain Brothers worked with the Streamline Board of Directors to design and execute a broad auction process to identify the optimal buyer.

Streamline Health enables healthcare organizations to proactively address revenue leakage and improve financial performance. Streamline delivers integrated solutions, technology-enabled services and analytics that drive compliant revenue leading to improved financial performance across the enterprise. Streamline supports several leading health systems, including Memorial Hermann, Baylor Scott & White, MedStar Health and Honor Health.

MDaudit, a portfolio company of Bregal Sagemount and Primus Capital, is a leading healthcare technology provider that partners with the nation’s premier healthcare systems to reduce compliance risk, improve efficiency, retain revenue, and enhance communication between cross-functional teams.

On August 12, 2025, KeyBank successfully closed a $6.1 million equipment term loan for Target Ag Production, LLC. Proceeds from the facility were used to help the business install a new six-lane onion line. This was nearly a yearlong project that Key financed via progress payment installments. Key acted as the Sole Lender on the transaction.

Target Ag Production, LLC, is a dry onion storage, processing, and shipping operation. Target has been supplying its clients with fresh, high-quality onions since 2000.

On August 8, 2025, KeyBanc Capital Markets, Inc. (KBCM) successfully closed the syndication of $295 million Senior Secured Credit Facilities (the Credit Facilities) for the Mississippi Band of Choctaw Indians (d/b/a Choctaw Resort Development Enterprise) (MBCI, or the Tribe). The Credit Facilities consist of a $100 million Revolving Credit Facility, $85 million Term Loan A, and $110 million Delayed Draw Term Loan. The proceeds will be used to refinance existing indebtedness, fund working capital and gaming-related capital expenditures, finance the construction of the new Choctaw Central Middle School and High School Campus, and pay transaction-related fees and expenses.

This transaction represents KBCM’s second left lead syndicated transaction with the Tribe. MBCI selected KBCM based on our longstanding relationship with the Tribe, along with our extensive knowledge and expertise within the Native American Financial Services industry, and successful track record of syndication transactions in the gaming space.

Choctaw Central Middle School and High School Campus
Scheduled to open in Summer 2026, the new Choctaw Central Middle School and High School Campus will feature a two-story academic building to accommodate up to 1,200 students. The campus will include offices for middle school and high school staff, principals’ offices, counselors’ offices, a band hall, cafeteria, dormitory, library, ADA bathrooms, elevators, a two-level arena, and a 2,000-seat turf football field.

Tribe Overview
The Tribe is a sovereign nation and the only federally recognized Tribe in Mississippi, with over 11,000 enrolled members. Tribal lands encompass 35,000 acres across 14 counties, and contain a diversified portfolio of manufacturing, service, retail, gaming, hospitality, and construction enterprises. The Tribe established CRDE in October 1999 for the purpose of managing existing and future gaming and resort operations. The CRDE gaming and hospitality portfolio includes Golden Moon Hotel & Casino, Silver Star Hotel & Casino, Bok Homa Casino, Crystal Sky Travel Plaza, Dancing Rabbit Golf Club, Dancing Rabbit Inn, and Geyser Falls Water Theme Park.

On August 7, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $550 million Term Loan B (TLB) for MillerKnoll, Inc. (MillerKnoll or the Company). This transaction follows the Company’s pro rata transaction in April 2025, which included a $400 million Term Loan A and a $725 million Revolving Credit Facility. In aggregate, the Company’s refinancing resulted in $1.675 billion of Senior Secured Credit Facilities (the Credit Facilities). Proceeds from the Credit Facilities were used to refinance existing indebtedness, enhance liquidity, and pay transaction related expenses. KBCM acted as a Joint Lead Arranger and Joint Bookrunner.

KBCM was chosen as Joint Lead Arranger and Joint Bookrunner due to our long-standing relationship with the Company, strong presence in the Retail sector, and robust debt capital markets platform.

Formed in 2021 through the merger between Herman Miller and Knoll, MillerKnoll (NASDAQ: MLKN) is a global leader of design with 15 dynamic brands and a significant global reach, operating in 110 countries through 75+ retail stores and 1,000+ dealers. The Company designs, manufactures, and distributes interior furnishings for use in various environments including residential, office, healthcare, and educational settings.

Key Community Development Lending & Investment provided $19.5 million in financing for the new construction of Hawthorne Heights, an 86-unit affordable senior housing building in Gainesville, Florida. This project will serve senior citizens earning no more than 22-70% of Area Median Income. Supportive services will be offered to residents and will include assistance with light housekeeping, grocery shopping, and laundry as well as daily activities, including book club, gardening club, and game night. We want to thank National CORE Community Renaissance for their commitment to building much-needed affordable housing in Florida.

The financing includes a construction loan and a permanent loan.