Our Transactions

On March 24, 2025, KeyBanc Capital Markets (KBCM) successfully priced a $43.8 million follow-on offering for Prairie Operating Co. (Prairie or the Company). Total shares allotted in the offering were 9,736,904 at an offering price of $4.50 per share, including the overallotment option. The Company also announced a concurrent registered offering of 148,250 shares of new Series F Convertible Preferred Stock and certain warrants totaling $148.3 million in gross proceeds. Additionally, KBCM joined Prairie’s upsized $1.0 billion senior secured revolving credit facility.

The proceeds of both offerings as well as borrowings under the credit facility will be used to fund a portion of the purchase price for the Company’s $602.75 million acquisition of certain oil and gas assets in the Denver-Julesburg Basin from Bayswater Exploration and Production and its affiliated entities. KBCM served as Joint Bookrunner on the follow-on offering, Capital Markets Advisor on the convertible preferred transaction and Joint Lead Arranger and Joint Bookrunner on the credit facility. The acquisition closed on March 26, 2025.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, successfully priced $1.0 billion of Convertible Senior Notes Due 2030 for Integer Holdings Corporation. 

The offering was upsized from $750 million to $875 million, prior to the exercise of the overallotment option. The Notes will mature in 2030 and bear interest at a rate of 1.875% per annum, with a conversion premium of 27.50%. Both the coupon and the conversion premium priced at the midpoint of the initial talk ranges. Proceeds from the offering will be used to refinance a portion of the company’s outstanding 2028 Convertible Senior Notes, repay borrowings under its revolving credit facility, fund the cost of capped call transactions, and for general corporate purposes.

Integer is one of the largest medical device contract development and manufacturing organizations in the world, serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. As a strategic partner of choice to medical device companies and OEMs, Integer is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. Integer’s brands include Greatbatch Medical^® and Lake Region Medical^®.

On March 17, 2025, KeyBanc Capital Markets (KBCM) successfully closed Senior Secured Credit Facilities of an undisclosed amount in support of Sandbrook Capital’s acquisition of Intellirent. KBCM served as Sole Lead Arranger and Administrative Agent on the transaction.

Intellirent specializes in the global rental of field-ready test equipment for electrical applications, offering tailored selection, preparation, technical support, and logistics to ensure optimal performance and delivery. The company offers a broad range of critical testing equipment for field service technicians to perform maintenance and repair, installation and commissioning, and emergency response on critical electrical infrastructure.

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.

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.

On February 11, 2025, KeyBanc Capital Markets was party to a successful closing and syndication of a debut $1 billion five-year Term Loan B (the TLB) for Hilcorp Energy I, LP (Hilcorp or the Company). Proceeds will be used to repay borrowings under the senior secured revolving credit facility, which has a borrowing base of $3.5 billion and elected commitments of $2.1 billion. The TLB is pari-passu with the senior secured revolving credit facility. In 2024, Hilcorp acquired: (i) Alaska assets for $1 billion on November 1, 2024, and (ii) Permian assets for $950 million on December 31, 2024. The Company has a pending acquisition in the Permian expected to close in 1Q25.

Founded in 1988 and based in Houston, Texas, Hilcorp is one of the largest independent exploration and production companies in the United States, with a strategic focus on conventional, mature, legacy oil and gas assets. Hilcorp operates assets across Alaska, New Mexico, Texas, Louisiana, Wyoming, and in the Utica in northeast Ohio and western Pennsylvania.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to EmblemHealth. 

EmblemHealth has sold its wholly owned subsidiary, ConnectiCare, to Molina Healthcare (NYSE: MOH). The transaction enables Molina to add an established government business with a recognized brand, a statewide provider network and a new state, while EmblemHealth will use proceeds to focus on existing business lines. Cain Brothers was engaged as exclusive financial advisor because of its long-standing relationship with EmblemHealth as well as deep domain expertise in managed care. 

ConnectiCare is a leading health plan in Connecticut and has been dedicated to making the state a healthier place to live and work since its founding in 1981. ConnectiCare has a range of products and services for businesses, municipalities, and individuals, as well as those who are Medicare-eligible, and is the leading provider of individual health insurance in the state.

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 full 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.

Molina Healthcare, a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces.

KeyBanc Capital Markets (KBCM) successfully advised Ravelin Technology Ltd. (Ravelin), a leading AI-native enterprise fraud prevention technology platform, on its sale to Worldpay International Group Ltd. (Worldpay), a portfolio company of GTCR. The transaction is expected to close in Q1 2025.

Ravelin is a leading fraud prevention platform trusted by global brands to protect against the myriad threats posed by fraudsters. The company’s fraud prediction and prevention solutions identify payment fraud, account takeover, return and refund abuse, promotion and voucher abuse, and marketplace fraud. Ravelin also performs 3D-Secure identification. With a proven track record of delivering tangible results, Ravelin is committed to helping businesses thrive in an increasingly complex digital landscape.

Worldpay is an industry-leading payments technology and solutions company with unique capabilities to power omni-commerce around the globe. Its processing solutions allow businesses of all sizes to take, make, and manage payments in person and online from anywhere in the world. Annually, Worldpay processes more than 50 billion transactions in 146 countries and 135 currencies, helping its customers become more efficient, more secure, and more successful.

In February 2025, KeyBanc Capital Markets acted as Joint Bookrunner on Freedom Mortgage Holdings LLC’s (Freedom or the Company) offering of $650 million Senior Notes due 2032. Proceeds from the offerings will be used to pay down a portion of the KeyBank MSR facility and to pay related fees and expenses.

Freedom is a leading nationwide residential mortgage loan originator and servicer. The Company focuses primarily on originating and servicing Agency-eligible residential mortgage loans collateralized by one- to four-family homes throughout the U.S.

The transaction includes an $8.2 million ($133/SF) non-recourse, first mortgage loan secured by a 79,163 square foot (61,881 NRA), 697-unit self-storage facility known as Mini U Storage Santa Fe, located in Santa Fe, NM. Built in 2009 and renovated in 2016, the subject is currently improved with three single-story self-storage buildings and one, 2-story building containing a leasing office and storage units, situated on a 2.83-acre site. The proposed loan will be used to refinance existing debt. The loan is structured with a 10-year interest only term.

The transaction includes a 1,068-bed (313-unit) garden-style, off-campus student housing community in Southern Florida. Built in 2001 and renovated in 2022, the property consists of 24, 3-story apartment buildings. The proposed loan will be used to refinance existing debt on the property. The loan is structured with a 10-year term, and subsequent to a 5-year interest only period, amortizes on a 30-year schedule. The improvements are situated on a 41.2-acre site.