Non-Profit Banking Solutions

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, successfully closed the syndication of $625 million of Senior Secured Credit Facilities in support of ImageFirst Holdings, a portfolio company of Calera Capital.

The Credit Facilities consist of a $125 million Revolving Credit Facility, and a $500 million Term Loan B. Proceeds from the Credit Facilities will be used to refinance existing indebtedness and fund a distribution to shareholders.

ImageFirst is a leading provider of outsourced laundry and textile rental services with a focus on outpatient and specialty healthcare in the U.S. With 70+ locations across 33 states serving over 28,000 customer locations, the Company provides mission critical services to their customers who cannot care for patients without clean linens and other laundry products.

Founded in 1991, Calera Capital is a private investment firm based in San Francisco and Boston that has invested over $4 billion of equity into leading middle market companies. Calera has significant experience and a successful track record of investment in commercial services, healthcare services, and other businesses similar with ImageFirst.

On March 7, 2025, KeyBanc Capital Markets (KBCM) served as Sole Placement Agent to Terravet REIT, Inc. (Terravet) on their entity-level preferred equity investment (the Investment) from Sculptor Capital Management, Inc. (Sculptor). KBCM ran a broad marketing process that yielded critical mass of actionable investment proposals, which drove competition between potential investors and ultimately attractive terms and pricing. The Investment will be used to reduce debt and execute an active acquisition pipeline to further scale the platform.

KeyBank Real Estate Capital serves as Administrative Agent and Lead Arranger on the company’s Credit Facility as well as all other of Terravet Real Estate Solutions’ credit facilities across their private equity platform.

Terravet REIT is managed by Terravet Real Estate Solutions, which was first established in 2012 as the first institutional and preeminent aggregator of net leased veterinary and niche human healthcare real estate. Terravet aims to drive outsized risk adjusted returns through acquiring recession resistant real estate in highly fragmented healthcare sub sectors, primarily veterinary and ophthalmology. To date, the Terravet Companies have utilized proprietary relationships and its unique position within its market to acquire over 200 properties.

Sculptor is a leading global alternative asset management firm providing investment products in a range of areas including multi-strategy, credit, and real estate. Sculptor’s capabilities span all major geographies, in strategies including fundamental equities, corporate credit, real estate debt and equity, merger arbitrage, structured credit and private investments.

KeyBanc Capital Markets and Cain Brothers successfully closed the syndication of $1.058 billion of Senior Secured Credit Facilities in support of Eversana, a portfolio company of JLL Partners and Water Street Healthcare Partners. 

The Credit Facilities consist of a $108 million Revolving Credit Facility and a $950 million First Lien Term Loan. Proceeds from the Credit Facilities will be used to refinance existing indebtedness and pay transaction-related expenses. 

Eversana is a Chicago-based provider of drug commercialization services for pharmaceutical and biotechnology customers with over 6,000 employees and 30 locations across the globe. Services include strategic advisory, market access, global pricing, HEOR, and agency with expertise in over 100 therapeutic areas. The Company serves a diverse customer base of over 650 organizations, including the top 25 pharmaceutical companies and top 10 biotechs in the world.

JLL Partners is a New York–based middle-market private equity firm specializing in healthcare, industrials, and business services. Since being founded in 1988, JLL Partners has raised $5.8 billion across eight funds, working to accelerate growth and elevate their portfolio companies through organic growth initiatives, operational enhancements, and strategic M&A. 

Founded in 2005, Water Street Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. The Sponsor has ~$7.5 billion in AUM and is investing out of its fifth fund. Water Street is currently an investor in 21 healthcare companies across numerous healthcare subsectors.

On March 4th, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed on $1.7 billion of Senior Secured Credit Facilities (the Facilities) supporting Copia Power’s utility-scale solar plus energy storage project (Maricopa or the Project). The Facilities comprise a $1,416 million construction-to-term loan, a $90 million tax-credit bridge loan, and $204 million in letters of credit. Proceeds will be used to fund the Project’s construction costs. KBCM acted as Coordinating Lead Arranger, Joint Bookrunner, and Syndication Agent.

Maricopa is a 691 MWdc solar + 2,200 MWh energy storage project located in Maricopa County, Arizona, interconnecting to the Arizona Public Service owned Delaney Substation. The Project is being developed with tier-1 equipment and will be constructed in two phases beginning in Q1 2025. Maricopa is expected to reach full commercial operations in Q1 2027.

This represents the fourth transaction between Copia Power and KBCM.

Copia Power Overview
Copia Power is a renewable energy infrastructure platform launched by The Carlyle Group (NASDAQ: CG) in March 2021. Created with the acquisition of Tenaska’s 6 GW solar and energy storage pipeline, Copia’s goal is to become a leading, integrated energy transition platform specializing in developing, owning, and operating giga-scale projects in select U.S. markets. The company is led by industry veterans with extensive shared experience in developing, commercializing, constructing, and operating more than 10 GW of renewable energy projects.

Since its launch, Copia Power has built a robust 20+ GW development pipeline across the U.S. with an additional 1.5 GW of projects beginning construction in the last 12 months. KBCM advised Copia Power (f.k.a. Birch) on its platform investment from The Carlyle Group in March 2021.

On February 27, 2025, KeyBanc Capital Markets served as Joint Lead Arranger and Co-Syndication Agent on a $2 billion Senior Secured Revolving Credit Facility for Mach Natural Resources LP. Proceeds will be used for general corporate purposes.

Florida Power & Light Company (FPL) is a rate-regulated electric utility involved in the generation, transmission, distribution and sale of electric energy in Florida. FPL is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S. As of December 31, 2023, FPL had 32,276 megawatts of net generating capacity, approximately 90,000 circuit miles of transmission and distribution lines and 883 substations.

FPL priced $2.0 billion of First Mortgage Bonds in three tranches:

• A $350 add-on of FPL’s 5.300% First Mortgage Bonds due 2034 at a spread of T+73 bps and a price of 100.109%
• $950 million of First Mortgage Bonds due 2055 at a spread of T+93 bps for a coupon of 5.700%
• $700 million of First Mortgage Bonds due 2065 at a spread of T+103 bps for a coupon of 5.800%

The deal was extremely well received by the market, with a total orderbook size of $11.9 billon, resulting in a 6.0x overall oversubscription. The 2064 tranche alone attracted over $5.5 billion in interest, representing an 8.0x oversubscription. Each tranche also priced with minimal or no new issue concessions.

FPL plans to use net proceeds from the offering for general corporate purposes, including repaying a portion of its outstanding commercial paper obligations and prefunding the refinancing of a portion of its bonds maturing in 2025.

KeyBanc Capital Markets acted as Active Joint Bookrunner on the transaction.

On February 20, 2025, KeyBanc Capital Markets acted as Placement Agent on a $530 million asset-backed securitization (ABS) for Diversified Energy Company PLC (Diversified or the Company). This is Diversified’s tenth ABS transaction, holding it as the largest issuer of PDP securitizations. The ABS was oversubscribed at ~7x. The transaction is collateralized by conventional Appalachian assets.

Diversified (NYSE & LSE: DEC) is a leading independent energy company focused on natural gas and liquids production, transportation, marketing, and well retirement, primarily located within the Appalachian and Central regions of the United States. The Company’s strategy is to acquire existing long-life assets and to make investments in those assets to improve environmental and operational performance under a modern field management philosophy. Diversified’s target assets are characterized by multi-decade production profiles and low decline rates.

On February 19, 2025, KeyBanc Capital Markets acted as Joint Bookrunner on a $123.25 million Follow-On Offering for Diversified Energy Company PLC (Diversified or the Company). Total shares allotted in the offering were 8.5 million excluding overallotment, at an offering price of $14.50. Proceeds will be used repay a portion of the debt expected to be incurred in connection with Diversified’s pending acquisition of Maverick Natural Resources and for general corporate purposes.

Diversified (NYSE & LSE: DEC) is a leading independent energy company focused on natural gas and liquids production, transportation, marketing, and well retirement, primarily located within the Appalachian and Central regions of the United States. The Company’s strategy is to acquire existing long-life assets and to make investments in those assets to improve environmental and operational performance under a modern field management philosophy. Diversified’s target assets are characterized by multi-decade production profiles and low decline rates.