Public Finance

On March 21, 2024, KeyBanc Capital Markets (KBCM) and the Troy City School District of Ohio (the District) successfully closed a $87.83 million School Improvement Bonds, Series 2024 (General Obligation) (Unlimited Taxes) (the Bonds) transaction. The Bonds were rated Aa2 by Moody’s. The financing structure consisted of serial bonds maturing from December 1, 2024, through and including December 1, 2044, and three (3) term bonds maturing December 1 in 2049, 2054, and 2060. A 10-year par call optional redemption date of December 1, 2033, was included to provide the District with flexibility to refund the bonds for interest savings in the future. KBCM served as Sole Manager on the transaction.

The Bonds were issued for the purpose of participating in the Ohio Facilities Construction Commission Classroom Facilities Program by raising the school district’s portion of the basic project cost and locally funded initiatives not exceeding one-half of the school district’s portion of basic project cost, by constructing three new PK-4 buildings and a new 5-6 building, including technology, site improvements, furniture, equipment, demolition and abatement of certain existing structures, landscaping and utilities.

The Troy City School District encompasses approximately 37 square miles and is in Miami County, which is bounded by Shelby, Champaign, Clark, Montgomery, and Darke Counties in western Ohio. Miami County is served by State Routes 41 and 55. It is approximately 20 miles north of the City of Dayton and has access to Interstate Highway 75. The District has 4,226 students in six elementary schools, one sixth-grade school, one junior high, and one high school (nine total schools). The major sources of revenue to the District are local property taxes on real and personal property, along with State aid.

On November 30, 2023, KeyBanc Capital Markets (KBCM) successfully closed $86.26 million in Tax-Exempt Parking System Revenue Bonds, Series 2023 (the Bonds) for UAkronPark Inc., a special-purpose entity formed by the Development Finance Authority of Summit County (the Authority) with Diogenes Capital serving as the Asset Manager. The Bonds are being issued to provide funds (i) for acquiring, constructing, furnishing, equipping, maintaining, and improving real and personal property, or any combination thereof, comprising the Parking System; (ii) to finance additional costs to improve the Project and the Parking System; (iii) to fund the Debt Service Reserve Fund for the Series 2023 Bonds, (iv) to fund capitalized interest on the Series 2023 Bonds, and (v) to fund the costs of issuing the Series 2023 Bonds. KBCM served as Sole Manager on the transaction.

On October 12, 2023, KeyBanc Capital Markets (KBCM) served as Sole Manager for $27 million par amount of Idaho Housing and Finance Association Nonprofit Facilities Revenue Bonds (The College of Idaho Project) Series 2023 (the 2023 Bonds). The 2023 Bonds were issued to (i) refund the College of Idaho’s (the College) Series 2016 bank debt; (ii) finance construction and renovation costs for campus facilities; (iii) fund a debt service reserve fund; and (iv) pay costs of issuance. As Underwriter, KBCM led an extensive due diligence and rating strategy process, obtaining a first-time, “BBB” public rating for the College from Standard & Poor’s. Additionally, KBCM was able to improve the College’s security and financial covenants under the 2016 Bonds by (i) releasing the mortgage on College-owned properties; (ii) eliminating the College’s debt coverage ratio; and (iii) improving liquidity covenants. The 2023 Bonds also lowered risk in the College’s debt portfolio through termination of an existing interest rate swap, paying off its existing floating rate bank debt subject to renewal risk, and locking in a fixed rate to create cash flow certainty.

The College was founded in 1891 by William Judson Boone and built on the mantra, “Let them come, let them all come, and we will see what they can do.” Accredited by the Northwest Commission on Colleges and Universities since 1922, the College was the first institution of higher education to begin operating in the state of Idaho and has over 130 years of experience. The 55-acre campus is adjacent to the historic district of Caldwell, approximately 30 minutes from downtown Boise. Facilities include 16 academic, athletic, student life and support buildings and five residence halls, along with suite-style apartments and rental houses adjacent to campus. The College offers undergraduate liberal arts and graduate education programs.

On October 3, 2023, KeyBanc Capital Markets (KBCM) and the Central Ohio Transit Authority (the “Authority” or “COTA”) successfully closed 30 million General Obligation (Limited Tax) Capital Facilities Bonds, Series 2023 (the Bonds). The Bonds were rated AAA by S&P. The structure consisted of serial bonds maturing from December 1, 2024, through and including December 1, 2043, a term bond maturing on December 1, 2048, and another term bond maturing on December 1, 2053. A 10-year par call optional redemption date of December 1, 2033, was included to provide the COTA with flexibility in the future to refund the bonds for interest savings. KBCM served as Sole Manager on the transaction.

The proceeds from the issuance of the Bonds are being used for purchasing, acquiring, constructing, replacing, improving, extending, and enlarging transit facilities that serve or will serve an area within COTA’s boundaries.

The Central Ohio Transit provides services in and around Columbus and neighboring communities.

On March 15, 2023, KeyBanc Capital Markets (KBCM) successfully closed the $89.93 million Series 2023 School Facilities Construction and Improvement UTGO Bonds (the “Bonds” or “2023 Bonds”) and the $30 million Series 2023 Certificates of Participation (School Facilities Project) (the “Certificates” or “2023 Certificates”) on behalf of Pickerington Local School District, Ohio (the District). The 2023 Bonds and Certificates carried underlying ratings of Aa2 and Aa3, respectively, from Moody’s Investors Service.

The Bonds were issued for the purpose of expanding, renovating, and improving Central High School and North High School; constructing, furnishing and equipping one junior high school; acquiring, renovating, furnishing, and equipping existing facilities or constructing, furnishing, and equipping new facilities for school district purposes; and repairing, improving, and maintaining existing school buildings and facilities and retiring notes previously issued for those purposes. The Certificates were issued for the purpose of constructing, improving, furnishing, and equipping of school facilities and the acquisition the land and interests in land.

The Pickerington Local School District covers approximately 37 square miles, primarily in northwestern Fairfield County, with a small portion extending into Franklin County. As of October 2022, the District served approximately 11,604 students in grades Pre-K through 12 in its 15 schools, and an additional 175 students who attend the Eastland-Fairfield Career Center on a full-time basis. The District offers a comprehensive and advanced curriculum and a wide selection of extracurricular activities at all levels.

On December 1, 2022, KeyBanc Capital Markets (KBCM) successfully closed the $205 million Sales Tax and Telecommunications Revenue Refunding Bonds, Series 2022 (the 2022 Bonds) on behalf of Utah Telecommunication Open Infrastructure Agency (UTOPIA). The 2022 Bonds were rated AA- by S&P and were used to refund UTOPIA's outstanding LIBOR-based Tax-Exempt Series 2011A and Taxable Series 2011B Bonds and provide funds to terminate related swap contracts. The excess proceeds will be used to finance the acquisition, construction, and installation of advanced communication lines, equipment and improvements, refreshment of major electronics, and related improvements and facilities as part of a fiber optic, open-access, advanced communications network. KBCM served as Sole Manager for the 2022 Bonds.

KBCM has a long-standing relationship with the UTOPIA/Utah Infrastructure Agency (UIA) – a component of UTOPIA. The UIA network is a fiber optic network of high-speed broadband voice, video and data access and includes fiber optic lines, transmitters, power sources and backups, switches and access portals. It operates as a wholesale network, under an open access model, which is available to all qualified service providers. Since its inaugural issuance in 2011, KBCM worked with UIA’s finance team, underwriting subsequent issues in 2013, 2015, and 2017 through and including 2022.

In November 2022, KeyBanc Capital Markets (KBCM) successfully closed $38 million in Senior Secured Credit Facilities composed of a $20 million, five-year Gaming Revolving Line of Credit, a $10 million, five-year Gaming Term Loan, and a an $8 million, five-year Government Term Loan for the Confederated Tribes of the Chehalis Reservation and the Lucky Eagle Casino & Hotel. KeyBanc Capital Markets was selected as Sole Lender on the transaction.

About The Confederated Tribes of the Chehalis Reservation
The Confederated Tribes of the Chehalis Reservation is a federally recognized Native American Tribe in southwest Washington on the border of Grays Harbor and Thurston County. Governed by a five-member Business Committee, the Chehalis Tribal government provides for the health, safety, and well-being of their more than 1,000 enrolled Tribal Members.

The Chehalis Tribe has created a diverse economic development program including gaming, hotels, convenience stores, and restaurants. The Tribe owns and operates Lucky Eagle Casino, Eagle’s Landing Hotel, the Great Wolf Lodge Resort and Talking Cedar Brewing, three convenience stores, a fast-food restaurant, and construction companies. The tribe employs more than 1,500 people in Grays Harbor and Thurston County.

On November 17, 2022, KeyBanc Capital Markets (KBCM) successfully closed $3 billion of Senior Secured Credit Facilities in relation to the John F. Kennedy Airport Terminal 6 Redevelopment. On March 24, 2018, the Terminal 6 Consortium of Vantage Airport Group, RXR Realty LLC, JetBlue Airways and American Triple I Partners was designated by the Port Authority of New York & New Jersey as the preferred developer to redevelop the new terminal. Terminal 6 is a $4.2 billion construction project for a period of 30-year lease agreement. KBCM served as Coordinating Lead Arranger and Swap Provider on the transaction.