Debt Capital Markets

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 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, 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.

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 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 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.

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.

Cain Brothers, a division of KeyBanc Capital Markets, and KeyBanc Capital Markets, Inc. acted as Joint Lead Arranger and Joint Bookrunner.

On July 31, 2025, KeyBank Beach Point Direct Lending Program and KeyBanc Capital Markets successfully closed $565 million of Senior Secured Credit Facilities in support of Audax Private Equity and Parthenon Capital Partners’ acquisition of Elevate Patient Financial from Frazier Healthcare Partners and The Edgewater Funds.

Elevate is a leading provider of revenue cycle management solutions to hospitals and health systems across the United States. Formerly known as MedData, the Company provides innovative, specialized technology to address the most complex challenges of the revenue cycle. Offerings include eligibility & enrollment, self-pay, complex claims, and accounts receivable services. With clients and offices coast-to-coast and state-specific experience in all 50 states, Elevate is a trusted RCM partner to nearly 1,700 client facilities with over 11.5 million patient accounts each year.

Audax is a Boston-based private equity firm focused on investing in U.S. middle market companies across the business services, consumer, financial services, healthcare, industrials, and software sectors. Founded in 1999, Audax has grown to ~$19 billion in assets under management, successfully completing over 175 platform investments and 1,400+ add-on acquisitions.

Founded in 1998, Parthenon is a private equity firm specializing in the business, financial, and healthcare services segments. Since inception, Parthenon has partnered with world-class management teams to complete over 50 platform acquisitions, with 200+ additional tuck-ins, representing over $5 billion in value across core sectors.

On July 17, 2025, KeyBanc Capital Markets (KBCM) successfully closed on $350 million of Senior Secured Notes due 2030 (the Notes) for ParkOhio Industries, Inc. (ParkOhio, or the Company). Proceeds from the Notes will be used to redeem the outstanding 6.625% Senior Notes due 2027 and pay related fees and expenses. KBCM served as Co-Syndication Agent and Joint Bookrunner due to our deep industry expertise, extensive Debt Capital Markets expertise, and long-term relationship with ParkOhio.

ParkOhio Industries is an international manufacturing company that provides supply chain management outsourcing services, capital equipment used on production lines, and manufactured components for assembly. The Company operates in three business segments including Supply Technologies, Assembly Components, and Engineered Products. ParkOhio’s businesses are exposed to diverse and highly attractive geographic end markets, including the United States, Europe, Asia, Mexico, and Canada.

On July 1, 2025, Apollo Global Management, Inc. (Apollo) successfully closed the acquisition and merger of Everi Holdings Inc. (Everi) and the Gaming & Digital Business of International Game Technology (SpinCo), (together the Acquisition). KeyBanc Capital Markets (KBCM) acted as Joint Lead Arranger and Joint Bookrunner on the financing for the Acquisition (the Financing), which included $3.225 billion of Senior Secured Credit Facilities, comprised of a $750 million Revolving Credit Facility and a $2.475 billion Term Loan B, as well as $1.85 billion of Senior Secured Notes. The Financing was issued under the entity name Voyager Parent, LLC (the Combined Company). 

KBCM was selected as a Joint Lead Arranger and Joint Bookrunner due to its consistent pitch effort and extensive industry and Debt Capital Markets expertise.

Voyager Parent, LLC is a one-stop-shop with a comprehensive product portfolio addressing all aspects of the gaming ecosystem. The Combined Company has leading positions in Class II & III land-based gaming, iGaming, FinTech and systems and is #1 by units sold in North America. The Combined Company has the highest ship share of sales in North America and maintains a significant installed base of leased machines across many geographies. Complementing its strong presence across land-based gaming, Voyager Parent also has an industry-leading porting process to bring some of its most successful titles to the digital, gaming landscape, enabling it to efficiently grow its substantial library of online gaming content.

In July 2025, KeyBanc Capital Markets served as Sole Underwriter on $58.9 million of taxable Public Finance Authority Senior Lien Revenue Bonds (E-470 Public Highway Authority Service Areas Project), Series 2025 (the Series 2025 Bonds, or the Bonds). 

The Series 2025 Bonds will finance the construction of four new service plazas along the 47-mile E-470 beltway around Denver, Colorado — Parker Southbound, Aurora Northbound, Commerce City Southbound, and Commerce City Northbound — under a long-term concession with the E-470 Public Highway Authority. Each plaza will feature fuel, food and beverage, convenience store, and electric vehicle services. The Bonds are being issued to (i) pay a portion of the costs and expenses incurred in connection with the design, construction, equipping and financing of the improvements; (ii) pay a portion of the interest payable on the Bonds during construction; and (iii) pay certain cost of issuing the Bonds and other permitted financing costs.

Applegreen is the largest highway travel plaza operator in Ireland and the second largest in the UK. It operates 620 forecourt sites across Ireland, U.K. and U.S. Applegreen has 530 locations and more than 700 food and beverage offerings. The key areas in the U.S. include the Midwest, across Indiana and Ohio, and the Northeast – New York, New Jersey, Maine, Delaware, Connecticut, Massachusetts, and Pennsylvania.