ADB Companies, LLC

On December 6, 2024, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $125 million Senior Secured Credit Facility for Michael Baker International, LLC (“Michael Baker” or the “Company”), a portfolio company of DC Capital Partners (DC Capital). The $125 million Incremental First Lien Term Loan is interchangeable with the existing portion, and proceeds were used to support the acquisition of AstreaX, Inc. and fund cash to the balance sheet. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

Headquartered in Pittsburgh, Pennsylvania, Michael Baker is a leading provider of engineering and consulting services and has been solving some of the world’s most complex infrastructure challenges for more than 80 years, with a legacy of expertise, experience, innovation, and integrity. The Company’s services include design, planning, architectural, environmental, and program management. Michael Baker’s clients include U.S. federal, state, and municipal governments, as well as large corporations.

Founded in 2019 and headquartered in Phoenix, Arizona, AstreaX is a leading provider of software development and implementation services for government modernization technologies, with expertise in SaaS, digital identity, enterprise systems, and consumer portal solutions for state departments of motor vehicles.

Founded in 2007, DC Capital Partners is a middle market private equity firm with offices in Alexandria, Virginia, and West Palm Beach, Florida. DC Capital makes control equity investments in middle market companies that provide differentiated and innovative services and solutions in the Government and Engineering markets.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Theoria Medical in its sale to Amulet Capital Partners.

Theoria Medical retained Cain Brothers based on its experience in primary and post-acute care, expertise in value-based payments, and relationships with the relevant buyer universe. Cain Brothers, along with the Company’s founders, designed and executed a targeted process to find the ideal partner to help facilitate the next phase of growth. This transaction continues Cain Brothers’ strong track record of representing founder-led businesses in partnering with private equity firms.

Theoria Medical is a high-growth, tech-enabled, value-based primary care provider serving senior living communities throughout the United States. Founded in 2019, Theoria leverages proprietary technology and a fully integrated care model to deliver exceptional clinical outcomes while lowering costs. Operating across 300+ facilities in 22 states, the Company ensures 24/7 access to high-quality care through a team of more than 600 providers.

Amulet Capital Partners is a middle-market private equity firm exclusively focused on the healthcare sector. With deep industry expertise, Amulet is committed to using its capital and resources to improve quality, outcomes, and access throughout the healthcare system. Amulet is currently investing from its third fund.

KeyBank Community Development Lending & Investment provided $31.4 million in capital for the new construction of Clarkston Family Haven, a 72-unit affordable housing project in Clarkston, Washington. Seventy units will serve families and individuals earning no more than 30% – 60% of area median income (AMI), with 35 units set aside for those who have or are experiencing homelessness.

Supportive services for residents will include integrated case management to assist in stabilizing housing, income, behavioral health, and addressing addiction issues as well as onsite peer support and mental health counselors. We want to thank Horizon Housing Development and Catholic Housing Services of Eastern Washington for their sponsorship and shared mission to build much-needed affordable housing in Washington. 

The financing includes a $12.1 million construction loan and $19.3 million in Low-Income Housing Tax Credit (LIHTC) equity.

KeyBank Community Development Lending & Investment provided $17.5 million in capital for the new construction of Owens Adair II, a 50-unit senior affordable housing project in Astoria, Oregon. Thirty-seven units will serve senior citizens earning no more than 40% – 50% of the area median income (AMI) and 13 units will be permanent supportive housing for seniors who have or are experiencing homelessness.

Supportive services will be offered to residents and will include assistance accessing basic needs such as food, clothing, personal care, health services, and employment programs. Additional services will be provided for those experiencing homelessness and will include access to furniture, bedding, cleaning, and kitchen items, peer support for mental health and addiction services, assistance with applications for housing vouchers and mainstream benefits, and navigation and advocacy with healthcare providers. We want to thank the Northwest Oregon Housing Authority and Community Development Partners for their sponsorship and shared mission to build much-needed affordable housing in Oregon. 

The financing includes a $17.5 million construction loan.

KeyBank Community Development Lending & Investment provided $66.5 million in capital to acquire and rehabilitate The Cesera, a 204-unit senior affordable housing project in Garland, Texas. The community is owned and managed by Dominium, a leading national developer, owner, and manager of affordable housing. All 204 units will serve senior citizens earning no more than 40% – 60% of the area median income (AMI).

Supportive services will be offered to residents and will include adult education programs, health screenings and immunizations, counseling programs, computer education, and recreational activities. We want to thank Dominium and Garland Housing Finance Corporation for their sponsorship and shared mission to preserve much-needed affordable housing in Texas.

The financing includes a $20.1 million construction loan, $23.1 million in LIHTC equity, and a $23.3 million Fannie M.TEB permanent loan.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to AdventHealth in its pending acquisition of ShorePoint Health Port Charlotte and certain assets of ShorePoint Health Punta Gorda from affiliates of Community Health Systems, Inc. (NYSE: CYH).

AdventHealth signed a definitive agreement to purchase 254-bed ShorePoint Health — Port Charlotte and certain assets of ShorePoint Health — Punta Gorda from affiliates of Community Health Systems, Inc. for $265 million. Based north of Fort Myers, Florida, ShorePoint Health also includes related businesses, such as physician clinic operations and outpatient services. The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals and closing conditions.

AdventHealth is a connected system of care for every stage of life and health. A shared vision, common values, focus on whole-person health, and commitment to making communities healthier unify the system's hospital campuses in diverse regions throughout nine states. AdventHealth owns or manages 50 hospitals in nine states with reported consolidated revenues of $18.9 billion for the past 12 months ending September 30, 2024.

Community Health Systems, Inc. owns or leases 69 affiliated hospitals in 15 states, with more than 11,000 beds, and operates more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers, and ambulatory surgery centers. CHS reported consolidated revenues of $12.6 billion for the past twelve months ending September 30, 2024.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to EmblemHealth in the sale of its subsidiary, WellSpark, to Vitality.

Cain Brothers was engaged by EmblemHealth to sell its wholly owned subsidiary, WellSpark, because of its long-standing relationship and employer health expertise. On November 19, Vitality announced the acquisition of WellSpark and its intention to integrate WellSpark’s coaching solutions, offering Vitality’s employer and health plan clients access to a range of new services and additional tools to support their health and well-being. 

WellSpark is a health coaching company and digital platform that provides wellness solutions to employers as part of their benefits offerings. Since its beginning in 2013, the company has helped its members live healthier and more fulfilling lives by providing human-to-human support, intervening early for chronic condition management, and breaking biopsychosocial barriers that prevent its members from making lasting change.

EmblemHealth is one of the nation’s largest nonprofit health insurers, with more than 3 million members and an 80-year legacy of serving New York’s communities. The company offers a range of commercial and government-sponsored health plans to employers, individuals, and families, as well as convenient community resources. As a market leader in value-based care, EmblemHealth partners with top providers and hospitals to deliver quality, affordable care.

Guided by a core purpose of making people healthier, Vitality is the leader in improving health to unlock outcomes that matter. By blending industry-leading smart tech, data, AI, incentives, and behavioral science, Vitality inspires healthy changes in individuals and organizations. As one of the largest health and well-being companies in the world, Vitality brings a dynamic and diverse perspective through successful partnerships with the most forward-thinking insurers and employers.

More than 35 million people in 41 markets globally engage in the Vitality program.

On November 1, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed on $1.23 billion in Senior Secured Credit Facilities to support Copia Power’s Centennial Flats utility-scale solar plus energy storage project. The financing includes a $898 million construction-to-term loan, a $257 million tax-credit bridge loan, and $74 million in letters of credit. Proceeds will be used to fund the project’s construction costs. KBCM acted as Coordinating Lead Arranger.

Centennial Flats is a 675 megawatt direct current (MW_DC)  solar + 1,068 megawatt hour (MWh) energy storage project in La Paz County, Arizona, and will interconnect to the California ISO-market. Developed with tier-1 equipment, Centennial Flats will be constructed in three phases beginning in Q4 2024, with commercial operations expected in Q3 2026. The project is expected to create more than 400 jobs during construction.     

This represents the third transaction between Copia Power and KBCM.

About Copia Power
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 gigawatt (GW) solar and energy storage pipeline, Copia Power'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 18+ GW development pipeline across the U.S. with an additional 1.5 GW of projects beginning construction in the past 12 months.

On November 6, 2024, KeyBanc Capital Markets (KBCM) successfully closed on a Senior Secured Credit Facility of up to $60 million, comprised solely of a construction-to-term loan facility. The proceeds will be used to fund projects associated with RPC Power, LLC, a joint venture between Riley Exploration Permian, Inc. and Conduit Power, LLC. RPC Power was formed in 2023 to construct, own and operate power generation assets. KBCM served as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent and Collateral Agent on the transaction.

RPC Power's initial scope was to use Riley Permian’s produced natural gas for a 20MW portfolio of generation assets which provide power for a portion of Riley’s operations in Yoakum County, Texas. RPC Power expanded its scope in 2024 to allow for the generation and sale of dispatchable power and related services to ERCOT, with plans for an additional 100MW of generation and battery energy storage systems across multiple facilities in West Texas.

Conduit Power, LLC provides customized full-service solutions to help commercial and industrial customers lower power procurement costs and improve the uptime and reliability of delivered power. Conduit's offering includes turnkey design, procurement, and construction of electrical infrastructure, ongoing operations and maintenance of equipment, power procurement and brokerage, and asset financing. Conduit's dispatchable power reduces its customers’ carbon footprint while enabling further integration of additional renewable generation into their systems. Conduit is actively developing multiple 100-200+ MW combined thermal generation and battery storage portfolios as well as behind-the-meter solutions.

Riley Permian (NYSE:REPX) is a growth-oriented energy company with operations in Texas and New Mexico. Riley focuses on applying modern horizontal drilling and completions techniques to oil-saturated and liquids-rich formations. Additionally, Riley invests in infrastructure projects such as electric power that it believes can optimize its operations and diversify its revenue mix.

Founded in 2013, Grey Rock is a private equity firm based in Dallas, Texas. Grey Rock invests across the energy value chain with private equity funds focusing on investments in natural resources, carbon capture, industrial electrification, and power optimization. Conduit represents one of Grey Rock’s first investments in its Net Zero Opportunities Fund.

KeyBank Community Development Lending & Investment provided $114.2 million in capital for the new construction of Hill View Heights, a 260-unit affordable housing project in San Antonio, Texas. All 260 units will serve families and individuals earning no more than 30% – 70% of the area median income (AMI).

Supportive services for residents will include an onsite food pantry stocked with non-perishable food and common household items, twice monthly recreational activities and onsite social events, and an annual health fair featuring local health care professionals. We want to thank Kittle Property Group for its sponsorship and shared mission to build much-needed affordable housing in Texas.

The financing includes a $54.5 million construction loan, $28.2 million in LIHTC equity, a $31.5 million permanent loan, and bond underwriting provided by Keybanc Capital Markets.

KeyBank Community Development Lending & Investment provided $38.5 million in capital for the new construction of Hooper Road Apartments, an 80-unit senior affordable housing project in Endicott, New York. All 80 units will serve senior citizens earning no more than 30% – 60% of the area median income (AMI).

Supportive services will be offered to residents and will include case management, recreation and socialization, independent living skills, wellness and nutrition, and financial assistance. We want to thank CDS Monarch, Inc. for its sponsorship and shared mission to build much-needed affordable housing in New York and thank CSD Housing for its partnership.

The financing includes a $22.6 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity and $3.9 million in State Low-Income Housing Tax Credit (SLIHC) equity.

KeyBank Community Development Lending & Investment, in partnership with Banner Bank, provided $21.3 million in construction loans for New Path II, a 96-unit permanent supportive housing project in Boise, Idaho. This 9% and 4% twinning Low-Income Housing Tax Credit (LIHTC) project will have 95 units, which will serve families and individuals who have or are experiencing homelessness and earning no more than 30% – 60% of the area median income (AMI).

Supportive services for residents will include case management, mental health/medical services, independent living skills, education, employment service, substance abuse and addiction services, and transportation. All units will be supported by project-based Section 8 assistance. We want to thank The Pacific Companies, The Richman Group, Banner Bank and the City of Boise for their commitment to the shared mission to build much-needed affordable housing in Idaho.  

The financing includes a $13.3 million 4% LIHTC construction loan and an $8 million 9% LIHTC construction loan.

KeyBank Community Development Lending & Investment provided a $10 million debt facility investment to Raza Development Fund, a national nonprofit CDFI. Founded in 1999, RDF is the largest Latino focused national CDFI and its mission is to invest capital and create financial solutions to build generational wealth for Latino and underserved families across the country. Since its inception, RDF has directly invested $1.5 billion in 38 states, leveraging over $6 billion in education, affordable housing, healthcare, social services, and social entrepreneurship. We want to thank the Raza Development Fund for its commitment and for making a difference in the community.

KeyBank Community Development Lending & Investment provided $93 million in capital for the new construction and permanent financing of Caravel Apartments, a 234-unit senior affordable housing project in Columbus, Ohio. All 234 units will serve senior citizens earning no more than 60% of the area median income (AMI). Supportive services will be offered to residents through a service coordinator who will provide guidance and linkage to community service providers, assistance with food resources, financial fitness workshops, and credit/budgeting counseling sessions. We want to thank Kittle Property Group for its sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $43.2 million construction loan, $23.7 million in LIHTC equity, a $26.1 million Fannie Mae MTEB, and $37.8 million in tax-exempt bonds underwritten by KeyBanc Capital Markets.

On October 24, 2024, KeyBanc Capital Markets Inc. (KBCM) closed $870 million in Senior Secured Credit Facilities supporting Greenbacker Renewable Energy Company’s (GREC) utility-scale solar project, Cider. The financing includes a $373 million construction-to-term loan, a $418 million tax-equity bridge loan, and $79 million in letters of credit. The funds will be used to fund the project’s construction costs. KBCM acted as Coordinating Lead Arranger, Administrative Agent, Collateral Agent, Depositary Agent, and Co-Documentation Agent.

Based in Genesee County, New York, the Cider solar project will generate a total of 674 megawatts direct current (MW_DC)/megwatt alternating current (MW_AC), making it the largest utility-scale solar farm in the state when completed. Expected to reach commercial operation in Q1 2027, the project is anticipated to power more than 120,000 homes. It has secured a 20-year contract with the New York State Energy Research and Development Authority (NYSERDA).

In addition to providing clean, affordable, renewable energy, Cider will deliver significant community benefits, including tax revenue for local governments and schools, funding for first responders and the public library, job creation, and support for local businesses.

This represents the 10th transaction between GREC and KBCM.

About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company (GREC) is a publicly registered, non-traded limited liability company that acquires and manages income-generating renewable energy and other energy-related businesses. GREC’s portfolio is primarily comprised of wind, solar, and storage projects that sell power and renewable energy credits under long-term contracts to creditworthy counterparties such as utilities, municipalities, and corporations.

KeyBanc Capital Markets (KBCM) and Cain Brothers, a division of KBCM, successfully closed the syndication of $855 million in Senior Secured Credit Facilities in support of Viant Medical Holdings, a portfolio company of JLL Partners and Water Street Healthcare Partners. 

The Credit Facilities consist of a $100 million Revolving Credit Facility, a $680 million First Lien Term Loan, and a $75 million First Lien Delayed Draw Term Loan. Proceeds will be used to refinance existing indebtedness and to pay transaction-related fees and expenses. 

Viant is a contract manufacturing organization specializing in medical device components. The company offers a broad range of capabilities that supports global medical device original equipment manufacturers’ production of devices for diagnostic, orthopedic, surgical, and other applications.

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 its 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.

Cain Brothers, a division of KeyBanc Capital Markets, served as the exclusive financial advisor to ProductLife Group on its acquisition of Halloran Consulting Group. 

Cain Brothers was engaged to serve as PLG’s exclusive financial advisor based on its deep experience across the regulatory and compliance consulting space and the broader pharma services continuum. Halloran represents PLG’s second acquisition in North America, a primary focus for the company, as it expands beyond Europe.

ProductLife Group’s mission is to support patient access to safe and effective healthcare solutions by delivering worldwide consulting and outsourcing services through the entire product life. Combining local expertise with global reach spanning more than 150 countries, PLG is the Life Sciences Industry reference strategic partner for the development, market introduction, and life cycle management of product portfolios, and the related business and digital transformation. With a goal of continuously improving the value delivered to teams and clients, PLG is committed to long-term partnership, innovation, flexibility, and cost efficiency.

Founded in 1998 by Laurie Halloran, Halloran is known as one of the largest specialty regulatory agencies of its kind, which allows for a differentiated proposition with an end-to-end solution that is strategic and tactical, all while retaining flexibility that meets every client’s needs. The team of 100 consultants supports sponsors from their first regulatory filing through commercialization.

KeyBanc Capital Markets and Cain Brothers successfully closed the syndication of $635 million in Senior Secured Credit Facilities in support of US Fertility Enterprises, a portfolio company of Amulet Capital Partners.

The Credit Facilities consist of a $60 million Revolving Credit Facility, a $550 million Term Loan, and a $25 million Delayed Draw Term Loan. Proceeds from the Credit Facilities will be used to refinance existing indebtedness and to pay transaction-related fees and expenses. This transaction represents US Fertility’s inaugural broadly syndicated facility.

KeyBanc Capital Markets and Cain Brothers were selected to serve as Left Lead Arranger and Administrative Agent due to our best-in-class leveraged finance platform, expertise in the women’s health space, and long-standing relationship with Amulet Capital Partners. 

US Fertility is the leading fertility group in the United States 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 105 treatment locations and 30+ embryology labs.

Amulet is a middle market private equity investment firm based in Greenwich, Connecticut, and Walnut Creek, California, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies. Amulet focuses on those segments it believes have the most attractive long-term fundamentals with a target investment size between $25 million and $200 million.

On October 2, 2024, KeyBanc Capital Markets served as Joint Bookrunner on a $600 million Senior Notes offering for Ascent Resources Utica Holdings, LLC (Ascent). Ascent is a portfolio company of EMG, First Reserve Corporation, and Riverstone Holdings. Proceeds will be used for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive sell-side advisor to Health Monitor Network and its majority shareholder, WestView Capital Partners, in its sale to Gridiron Capital.

Cain Brothers was engaged based on its deep experience across pharmaceutical services and long-standing relationships with relevant investors. Gridiron will support the Company in accelerating growth in both current and untapped channels across existing and new products. Gridiron is investing alongside management, with reinvestment from WestView. 

Founded in 1983, Health Monitor is one of the leading direct-to-patient marketing companies in the U.S. With the largest proprietary physician office network, Health Monitor provides high-quality patient education through digital, print, and mobile platforms to tens of millions of condition sufferers through 200,000+ medical offices and more than 400,000 healthcare professionals.

Founded in 2004, WestView is focused on growth-oriented companies with a successful track record of partnering with exceptional entrepreneurs in control-agnostic transactions. WestView has deep experience in several key sectors, including business services, IT services, software, healthcare IT & outsourcing, growth industrial, and consumer. WestView currently manages $2.7 billion in capital and has invested in more than 50 companies.

Founded in 2005, Gridiron is an investment firm focused on partnering with founders, entrepreneurs, and management teams to create value by building industry leaders in the consumer products & services, industrial growth, and business services segments. Gridiron helps transform growing companies by winning together through hard work, partnerships grounded in shared values, and a unique culture that comes from hands-on experience building and running businesses.

On October 1, 2024, KeyBanc Capital Markets served as Joint Lead Arranger and Co-Documentation Agent on a $3 billion Senior Secured Revolving Credit Facility for SM Energy Company. Proceeds were used to fund the acquisition of Uinta Basin assets from XCL Resources, LLC.

KeyBank Community Development Lending & Investment provided $67.5 million in capital for the new construction of Redmond Landing Apartments, a 156-unit affordable housing project in Redmond, Oregon. All 156 units will serve families and individuals earning 60% of the area median income (AMI). The property will feature a community room for residents and is close to many critical neighborhood services such as grocery stores, healthcare sites, and a public library. We want to thank Southport for its sponsorship and shared mission to build much-needed affordable housing in Oregon.

The financing includes a $42 million construction loan, a $25 million Fannie M.TEB permanent loan, and $31.5 million in tax-exempt bonds underwritten by KeyBanc Capital Markets.

KeyBank Community Development Lending & Investment provided a $5 million term debt facility investment to the CDP Connecticut Loan Fund, a non-profit CDFI in Bridgeport, Connecticut. CDP operates as the Connecticut Small Business Boost Fund and is a loan program created to address the capital needs of the small businesses and nonprofit organizations of the state of Connecticut as they continue emerging from the heart of the COVID-19 pandemic and seek to propel their communities forward. The effort targets under-resourced and under-banked communities, with a goal of reaching Connecticut’s most fiscally and economically distressed municipalities. We want to thank the CDP Connecticut Loan Fund for its commitment and for making a difference in Connecticut’s communities.

On September 27, 2024, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $190 million Senior Secured Credit Facilities (the Credit Facilities) for Mesquite Gaming, LLC (Mesquite Gaming or the Company), a portfolio company of Oaktree Capital Management (Oaktree). The Credit Facilities are composed of a $35 million Revolving Credit Facility and a $155 million Term Loan. Proceeds from the Credit Facilities will be used to refinance existing indebtedness, fund working capital and capital expenditures, and pay transaction-related fees and expenses. KBCM acted as Left Lead Arranger, Joint Lead Bookrunner, and Administrative Agent on the transaction.

Oaktree is a leader among global investment managers specializing in alternative investments. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, private equity, real estate, and listed equities. The Mesquite Gaming investment was part of Oaktree’s Special Situations strategy, which uses a highly flexible approach to make control or significant-influence-oriented private equity and debt investments in middle market companies experiencing temporary challenges, stress, or distress, or are seeking an alternative to traditional capital markets. Special Situations portfolio companies within the commercial gaming space include Mesquite Gaming, J&J Ventures Gaming (one of the largest distributed gaming companies in the U.S.), Interblock (a leading developer and producer of luxury electronic table games), and Awager (an online gaming supplier), among other investments across sectors.

Mesquite Gaming is the owner and operator of the Casablanca Resort and the Virgin River Hotel & Casino in Mesquite, Nevada, about 80 miles from Las Vegas and 40 miles from St. George, Utah. The Company is uniquely situated in a growing population center along Interstate 15, one of the busiest interstates in the U.S., offering a convenient casino experience to both local and drive-in customers. The combined properties feature 1,200+ rooms, 1,900+ slot machines, 30+ table games, multiple golf courses, and a full suite of other amenities.

On August 26, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed a $59 million Senior Secured Credit Facility (the Facility) for Jupiter Power’s Callisto I Energy Center battery storage project (Callisto I or the Project) in ERCOT. The Facility will bridge to the purchase of the investment tax credits generated by the Project, and proceeds will be used to reimburse Jupiter for its construction costs. KBCM acted as Lead Arranger, Sole Bookrunner, Administrative Agent, and Collateral Agent. Callisto I is a 200 megawatt/400 megawatt hour utility-scale standalone battery energy storage project in Harris County, Texas. The Project reached commercial operations in August 2024. The Project will help manage energy supply and demand imbalances, growing load requirements, and increase resilience from extreme weather events in the Houston metropolitan area. This represents the second transaction between Jupiter Power and KBCM.

Jupiter Power Overview:
Headquartered in Austin, Texas and formed in 2017, Jupiter Power is a premier developer, owner, and operator of utility-scale energy storage projects. The Company’s portfolio of operational and under-construction projects is one of the largest in the country, including the leading energy storage fleet in Texas. Additionally, Jupiter has a development pipeline of more than 11 gigawatts.. Jupiter Power is owned by BlackRock Alternatives via a fund managed by its Diversified Infrastructure business. BlackRock is the world’s largest asset manager and holds over $50 billion of infrastructure AUM, composed of equity, debt, and alternative solutions, with the goal of driving the clean energy transition.

On September 25, 2024, KeyBanc Capital Markets served as Senior Co-Manager on BKV Corporation's $270 million Initial Public Offering.

On September 25, 2024, KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on a $1.025 billion Senior Secured Credit Facility (the Credit Facility) for Third Coast Infrastructure, LLC (the Company). The Credit Facility included a $100 million Revolving Credit Facility and an inaugural $925 million Term Loan B. The transaction refinanced the Company’s existing debt, including a $70 million bridge loan that closed in June 2024. The six-month, $70 million bridge facility was used to help finance the acquisition of additional interest in an existing asset, expanding the Company’s Gulf of Mexico operations.

Third Coast Infrastructure, based in Houston, is an offshore midstream company operating primarily in the Gulf Coast, and in the deep water of the Gulf of Mexico. Assets include natural gas transmission and gathering pipelines, NGL and crude oil pipelines, gas processing plants, and two deep water floating production systems. The Company’s assets service some of the largest producing Gulf of Mexico Deepwater fields.

On September 24, 2024, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $925 million Senior Secured Credit Facilities (the Credit Facilities) for Genting New York doing business as Resorts World New York (RWNY, or the Company). The Credit Facilities are composed of a $150 million five-year Revolving Credit Facility and a $775 million five-year Delayed Draw Term Loan. Proceeds of the Credit Facilities will be used to refinance existing indebtedness, fund future property expansion, and pay transaction-related fees and expenses. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

Genting New York is a member of The Genting Group, the world’s largest integrated resort operator with Resorts World-branded properties in Asia (Malaysia and Singapore), Europe (U.K.), Middle East (Egypt), and North America (New York, the Bahamas, Florida, and Las Vegas). The Genting Group was founded in 1965 and has employs 47,000 employees worldwide while offering an unparalleled resort experience to more than 50 million visitors a year.

Resorts World New York opened in 2011 and is among the highest-grossing VLT or slots floors of any commercial casino in the world. RWNY offers over 6,500 Slot Machines and Electronic Table Games to 10 million guests annually, and it is one of only two casinos in the New York Metropolitan Area. In 2021, the Company completed a $400 million expansion project, which added a 400-room Hyatt Regency hotel, additional gaming, meeting and conference space, and various other enhanced amenities.

About the Transaction: 
On September 23, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $665 million in Senior Secured Credit Facilities (the Facilities) for Clearway Energy Group’s Pine Forest Solar project. Pine Forest is a utility-scale solar + storage facility in Hopkins County, Texas. The Facilities comprise $103 million in Construction Loans, $203 million in Cash Equity Bridge Loans, $42 million in Tax Equity Bridge Loans, $275 million in Tax Credit Transfer Bridge Loans, and $42 million in Letters of Credit. Proceeds will be used to fund the construction and operating periods of the project. KBCM acted as Joint Lead Arranger, Administrative Agent, and Collateral Agent. 

Pine Forest is a 370 MW utility-scale solar and 200 megawatt (MW), storage project in the ERCOT power market and will generate revenue through a 20-year power purchase agreement with Dell and a 15-year power purchase agreement with Universal. 

This represents the 18th transaction between Clearway Energy Group and KBCM.

About Clearway Energy Group:
Clearway Energy Group was founded in 2012 and is headquartered in Princeton, New Jersey. It is a full-scope Development & Operations platform with over 10.4 gigawatts (GW) of wind, solar, and energy storage assets in operation. In 2022, TotalEnergies acquired 50% of Clearway Energy Group from Global Infrastructure Partners. As of September 2024, Clearway Energy Group has an extensive pipeline of 30 GW of solar, wind, and storage projects in both regulated and deregulated regions. It has committed to grid reliability with more than 12 GW of paired and standalone storage operating or in development. The company has more than 800 employees with operating solar and wind projects in 27 states.

On September 23, 2024, KeyBanc Capital Markets served as Joint Bookrunner on a $600 million Senior Notes offering for WildFire Intermediate Holdings, LLC (WildFire). Wildfire is a portfolio company of Warburg Pincus and Kayne Anderson. Proceeds will be used for general corporate purposes.

On September 20, 2024, KeyBanc Capital Markets served as Active Joint Bookrunner on a $750 million Senior Notes offering for Matador Resources Company. Proceeds will be used to fund the acquisition of Ameredev II Parent, LLC and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Lakeview Health in its sale to Bradford Health Services, a portfolio company of Lee Equity Partners.

Cain Brothers was engaged to serve as Lakeview’s exclusive financial advisor based on its deep sector knowledge in substance use disorder treatment and the broader behavioral health sector. The transaction expands Bradford’s network of treatment centers to Florida and furthers its commitment to providing individuals with substance use disorders access to affordable, high-quality care.

Founded in 2001, Lakeview is a nationally recognized provider of addiction treatment and behavioral health services, offering a range of specialized programs across its campuses. With programs such as The Rose and The Star, which provide gender-specific treatment, Koru Spring, which provides care for patients with eating disorders, and Stepping Stone Center for Recovery, Lakeview is dedicated to delivering patient-centered care that addresses the unique needs of each individual. The organization is committed to helping patients achieve long-term recovery through evidence-based practices and a comprehensive continuum of care.

Founded in 1977 and based in Birmingham, Alabama, Bradford is a leading provider of substance use treatment and recovery services with a nationwide reach. Operating through a coordinated network of 40 facilities, Bradford offers affordable, evidence-based treatment throughout the entire spectrum of care, including early intervention, crisis response, intensive outpatient programs, partial hospitalization, residential care, inpatient detox, and transitional living and life skills programs.

Lee Equity Partners is a middle market private equity firm that partners with businesses in the financial and healthcare services sectors. Over nearly two decades, the firm has used its thematic-based investment strategy and deep sector knowledge to identify and partner with businesses in the financial and healthcare services sectors. Over nearly two decades, the firm has utilized its thematic-based investment strategy and deep sector knowledge to identify and partner with talented management teams to accelerate growth and build market-leading businesses. Additional information is available at www.leeequity.com.