Commercial Banking

KeyBanc Capital Markets Inc. successfully closed ~$1.07 billion of syndicated senior secured credit facilities for US Fertility, a portfolio company of Amulet Capital Partners and L Catterton Partners. The financing included a $120 million Revolving Credit Facility, a ~$902 million Term Loan B, and a $46 million Delayed Draw Term Loan. Proceeds repriced the company’s existing credit facilities, lowering borrowing costs by 50 bps. KBCM served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent based on Cain Brothers’ expertise in the women’s health space, our long-standing relationship with the sponsors and best-in-class leveraged finance platform.

US Fertility is the largest fertility group in the U.S. offering a broad range of assistive reproductive technology services and ancillary life sciences offerings. Since 2021, the company has grown from ~85 physicians across 59 locations to the leading IVF platform in the nation, with over 200 physicians across 118 treatment locations and 32 embryology labs.

Founded in 2015, Amulet Capital Partners is a middle-market private equity firm focused exclusively on making investments in the broader healthcare industry. With $2.7 billion in AUM, they are currently investing out of their third fund. Amulet partners with strong businesses across high-conviction, high-growth subsectors within the broader life sciences outsourcing, healthcare provider, and payor and payor services ecosystems.

Founded in 1989, L Catterton is the largest consumer-focused private equity firm in the world, with over $38 billion AUM across nine fund strategies in 18 offices globally. They have extensive experience in consumer healthcare and multi-site service platforms. L Catterton has an operationally focused value creation approach, augmented by a deep operating team with highly differentiated capabilities.

On July 1, 2026, KeyBanc Capital Markets served as Joint Bookrunner on Forgent Power Solutions, Inc.’s (Forgent) $2.5 billion Follow-On Offering of 50,197,500 shares, including overallotment.

Forgent is a provider of engineered protection and control equipment used in data centers, the power grid, and energy-intensive industrial facilities. Major product categories of electrical distribution equipment that Forgent sells include electrical houses, substation enclosures, generator connection cabinets, power skids, automatic transfer switches, dry type transformers, remote power panels, switchboards, and switchgear.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Smile America, a portfolio company of Beach Point Capital Management, in its sale to Kaltroco. 

Cain Brothers was engaged based on its experience in dental, specifically the pediatric dental sector, and long-standing relationship with the financial sponsor. Cain Brothers’ broad sector coverage enabled the Company to access a wide array of buyers and financing sources to facilitate the transaction.

Smile America is the leading provider of school-based dental care services, with a mission to provide access to oral healthcare to underserved populations. Smile America currently provides preventative care and minimally invasive dental procedures to 370,000+ patients in 8,000+ schools across 20 states.

Beach Point is a global alternative investment manager focused on opportunities across the credit spectrum. The firm’s integrated platform spans high-yield bonds, senior loans, CLO origination, securitized credit, direct lending, real estate credit, as well as hybrid and flexible capital solutions. Founded in 2009, Beach Point is employee-owned and manages over $20 billion in assets.

Kaltroco is a private investment company with headquarters in Jersey, Channel Islands and investment professionals in Nashville, Zurich, and Cape Town. Kaltroco partners with founders and management teams to pursue ambitious growth objectives. As a family-backed investment company with no outside investors and no restrictions on structure or hold period, Kaltroco has the flexibility to invest on the timeline that best fits its portfolio companies' needs and its partner management teams' objectives. Since its founding, Kaltroco has invested in over 30 companies globally, with a focus on the healthcare services, business services, and consumer industries.

On June 16, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $550 million Senior Notes offering for California Resources Corporation. Proceeds will be used to refinance existing indebtedness and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Nutrisense, a portfolio company of 1315 Capital, on its sale to Dexcom (NASDAQ: DXCM).

Cain Brothers was engaged based on its experience in the medical device and health tech sectors. The acquisition represents a significant strategic move for hardware-focused Dexcom to accelerate their push into the large, Type 2 diabetic and metabolic health markets. By leveraging Nutrisense’s tech-enabled, direct-to-consumer distribution and coaching layer, Dexcom intends to increase sensor penetration, improve retention and monetize glucose data. The transaction continues Cain Brothers’ track record of representing private equity-backed companies and momentum in cross-sector M&A. 

Nutrisense is a digital metabolic health platform that combines continuous glucose monitoring (“CGM”), a mobile app and registered dietitian coaching to help users better understand how food, sleep and lifestyle affect their blood sugar. The company primarily serves health-motivated and pre-diabetic individuals through a subscription model, translating real-time glucose data into personalized nutrition and behavior guidance aimed at improving metabolic health and weight management.

Dexcom is a leading glucose sensing and continuous glucose monitoring company focused on helping people take control of their health through innovative biosensing technology. For more than 25 years, Dexcom’s technology has helped transform how people manage diabetes and track glucose, providing real-time insights that support more informed decisions and greater confidence in daily health management.

Founded in 2014, 1315 Capital is a healthcare-focused investment firm with over $1 billion of assets under management. The firm invests in commercial-stage companies across healthcare services, pharma/medtech products, pharma/medtech outsourcing, and health & wellness, partnering with management teams to scale businesses that positively impact patients, physicians and the broader healthcare system.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, acted as Active Joint Bookrunner for VSP Optical Group’s $1 billion public bond issuance.

After completing their inaugural bond offering in November 2025, VSP announced a second offering in May. Over a one-day marketing period and utilizing a pre-recorded presentation, the company garnered over $7.6 billion of orders and priced $500 million of seven-year and $500 million of 10-year Senior Unsecured Notes with no new issue concession. Proceeds were used to refinance existing indebtedness and fund general corporate purposes.

KeyBanc Capital Markets serves as Left Lead Arranger and Administrative Agent on VSP’s existing credit facilities and KBCM and Bank of America acted as joint leads on both the 2025 and 2026 bond offerings.

VSP is a doctor-governed, not-for-profit entity that creates value for members and opportunities for its network doctors. The company’s network has serviced over 91 million members and 1,200 retail locations. VSP’s three-pillar strategy focuses on growing its core competencies, which encompasses insurance, network, and supply chain capabilities, providing access to high-quality vision care and eyewear.  

On May 29, 2026, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $200 million of Senior Secured Credit Facilities (the Credit Facilities) consisting of a $150 million Revolving Credit Facility and a $50 million Term Loan for SeatGeek, Inc. (SeatGeek or the Company). Proceeds from the Credit Facilities will be used to refinance the Company’s existing debt, fund working capital and support general corporate purposes. 

KBCM acted as Left Lead Arranger, Joint Bookrunner, and Administrative Agent on the transaction due to its long-running strategic dialogue with the Company and best-in-class Technology Investment Banking and Debt Capital Markets capabilities. The transaction represents SeatGeek’s debut in the syndicated loan market. SeatGeek is backed by leading growth investors, including Accel, TCV, and Wellington.

“We’re pleased to partner with KBCM on this facility,” says Teddy Collins, Executive Vice President, Finance at SeatGeek. “The financing enhances our flexibility as we continue investing in our platform, supporting our partners and executing on our long-term growth strategy. It also reflects the confidence our banking partners have in the strength of our business and future opportunities.”

SeatGeek is a technology platform powering the business of live events for fans, teams, leagues and venues. The Company’s integrated platform combines enterprise ticketing technology, venue operations software and a consumer marketplace to help partners grow revenue, deepen fan relationships and deliver better live experiences. Trusted by leading teams, leagues and venues across North America, SeatGeek continues to expand its role across the live event ecosystem through innovative technology and fan-first experiences.

On May 28, 2026, KeyBanc Capital Markets served as Joint Bookrunner on Forgent Power Solutions, Inc.’s (Forgent) $2.3 billion Follow-On Offering of 48,622,000 shares, including overallotment.

Forgent is a provider of engineered protection and control equipment used in data centers, the power grid, and energy-intensive industrial facilities. Major product categories of electrical distribution equipment that Forgent sells include electrical houses, substation enclosures, generator connection cabinets, power skids, automatic transfer switches, dry type transformers, remote power panels, switchboards, and switchgear.

On May 27, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed $173.4 million of Senior Secured Credit Facilities for Prospect Power, a 150 MW/600 MWh utility-scale battery energy storage system in Rockingham County, Virginia. Prospect Power is owned by Elevate Infrastructure, a portfolio company of ArcLight Capital Partners. The facilities include a $154 million term loan and $19.4 million in letters of credit. Proceeds will be used to support the operating period of the project. KBCM acted as Joint Lead Arranger, Administrative Agent, Collateral Agent and Depository Bank.

This represents the first transaction between Elevate and KBCM.

About Elevate Infrastructure
Formed in 2022 and headquartered in Boston, Massachusetts, Elevate Infrastructure is a utility-scale battery storage developer and Independent Power Producer (IPP) with development and operating capabilities across North America. Backed by ArcLight Capital Partners, a leading infrastructure investor, the Company has a 630 MWh operating base and over 12 GWh of projects under construction or development, with operational assets spanning nine states and five markets.

About ArcLight Capital Partners
ArcLight Capital Partners is a Boston-headquartered energy infrastructure asset manager with over $80 billion invested across 65+ GW of capacity and 47,000 miles of electric and gas transmission infrastructure. Founded in 2001, ArcLight has invested approximately $5 billion in renewable infrastructure platforms across wind, solar, geothermal and hydroelectric facilities. ArcLight has extensive experience owning and operating renewable infrastructure projects across both major platform investments and individual project investments.

On May 27, 2026, KeyBanc Capital Markets served as Co-Manager on National Fuel Gas Company’s offering of $500 million of Senior Notes due 2029, $500 million of Senior Notes due 2031 and $500 million of Senior Notes due 2036. Proceeds will be used to fund the acquisition of CNP Ohio, CenterPoint Energy Resources Corp.’s Ohio gas utility subsidiary, and for general corporate purposes.

KeyBank closed a $24 million credit facility for Billion Dollar Podcast (doing business as Shared Practices Group, LLC) to support continued growth and operations. The facility includes a $15 million Term Loan, $3 million Delayed Draw Term Loan, $2 million Revolving Line of Credit and $4 million Equipment Finance Line. Full primacy, including deposits, merchant services, and payments advisory will also be provided.

KeyBank worked very closely with BT Capital Group, LLC, led by Bagus Tjahjono Pan, on the transaction. BT Capital was instrumental and provided vital guidance to execute the new credit facility.

Shared Practices Group (SPG) is a rapidly growing Dental Services Organization (DSO) founded in 2021 by six dentists who combined their existing practices to form a scaled platform. SPG operates multi-location denture and implants offices and dental practices that provide a full range of dental services. The company also provides dental practice managing and coaching services. SPG is headquartered in Scottsdale, Arizona, and has locations across 25 states.

On May 26, 2026, KeyBanc Capital Markets served as Co-Manager on a $500 million Senior Notes offering for PBF Energy Inc. Proceeds will be used to refinance existing indebtedness and for general corporate purposes.