Our Transactions

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.

On September 30, 2024, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $1.84 billion Senior Secured Revolving Credit Facility (the Credit Facility) for Freedom Mortgage Corporation (Freedom or the Company). The syndicated transaction was successfully oversubscribed, and three new investors participated in the Credit Facility. Proceeds will support the Pledged Servicing Rights, Eligible Servicing Receivables, and allow Freedom to purchase additional portfolios of mortgage servicing rights (MSRs). KBCM acted as Joint Lead Arranger and Administrative Agent on the transaction.

Founded in 1990 and headquartered in Boca Raton, Florida, Freedom is a top-tier residential mortgage company engaged in the origination, servicing, selling and securitization of primarily agency-eligible residential mortgage loans. The Company is the 7th largest non-bank servicer and the 2nd largest mortgage originator in the United States, inclusive of co-issue. Freedom sources loans through its three channels – correspondent, wholesale, and call center – and competes through focused customer acquisition and retention strategies. The Company is 100% owned by its sole shareholder, Stan Middleman and family trusts.

In February 2024, KeyBanc Capital Markets (KBCM) successfully closed on $350 million of Senior Notes due in 2027 for GATX Corporation (GATX or the Company). KBCM acted as Senior Co-Manager on the transaction.

GATX is a leading global railcar lessor, owning fleets in North America, Europe, and Asia. The Company operates the largest fleet of U.S. flagged vessels on the Great Lakes and co-owns one of the largest aircraft spare engine lease portfolios in the world.

In January 2024, KeyBanc Capital Markets (KBCM) successfully closed on $350 million in Senior Secured Notes due in 2028 and $300 million in Senior Secured Notes due in 2034 for Private Export Funding Corporation (PEFCO or the Company). KBCM acted as Active Joint Bookrunner on the transaction.

PEFCO is principally engaged in making U.S. dollar loans to foreign importers to finance purchases of U.S. goods and services. The Company was established by a group of U.S. financial institutions with the support of the U.S. Treasury, the Federal Reserve, and the Export Import Bank of the United States (Ex-Im Bank) to assist in the financing of U.S. exports through the mobilization of private capital as a supplement to the financing already available through Ex-Im Bank.

In January 2024, KeyBanc Capital Markets (KBCM) successfully closed on $300 million (upsized by $100 million) in Add-On Senior Notes due in 2029 for Bread Financial Holdings, Inc. (BFH or the Company). KBCM acted as Joint Bookrunner on the transaction.

BFH is a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions. The Company's primary product offerings consist of (i) private label and co-brand credit card programs with retailers and other brand partners, (ii) Bread Cashback^TM products, (iii) Bread Pay^TM products, and (iv) Bread Savings^TM products. The Company’s partner base consists of large consumer-based businesses, including well-known brands such as AAA, Academy Sports Outdoors, Caesars, Michaels, the NFL, Signet, Ulta, and Victoria’s Secret, as well as small- and medium-sized businesses (SMBs).

In January 2024, KeyBanc Capital Markets (KBCM) successfully closed on $500 million in Senior Notes due in 2029 for Air Lease Corporation (Air Lease or the Company). KBCM acted as Joint Bookrunner on the transaction.

Air Lease is a leading aircraft leasing company engaged in purchasing new commercial jet transport aircraft directly from aircraft manufacturers and leasing aircraft to airlines throughout the world. The Company also sells aircraft from its operating lease portfolio to third parties.

In December 2023, KeyBanc Capital Markets (KBCM) successfully closed on $400 million of Add-On Senior Notes due in 2028 for Avolon Holdings Funding Limited (Avolon or the Company). KBCM acted as Joint Bookrunner on the transaction.

Avolon is a leading global aircraft leasing company focused on acquiring, managing, leasing, and selling commercial aircraft. The Company is headquartered in Ireland, with offices in the United States, the United Arab Emirates, Singapore, Hong Kong, and China. As of September 30, 2023, Avolon’s owned, managed, and committed portfolios consisted of 897 aircraft, including 524 aircraft in its owned portfolio, 44 aircraft in its managed portfolio and 329 aircraft in its committed portfolio. As of September 30, 2023, Avolon’s owned and committed portfolios had a fleet valuation of $47.1 billion.

In December 2023, KeyBanc Capital Markets acted as Joint Bookrunner on Bread Financial Holdings, Inc.’s (BFH or the Company) offering of $600 million (upsized by $100 million) Senior Notes due in 2029. Proceeds from the offering will be used to repay in full the 4.750% Senior Notes due 2024, and the existing Term Loan Facility.

Bread Financial Holdings is a tech-forward financial services company providing simple, personalized payment, lending, and saving solutions. The Company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility, and exceptional customer experiences. Driven by a digital-first approach, data insights, and white-label technology, BFH delivers growth for its partners through a comprehensive product suite, including private label and co-brand credit cards, installment lending, and buy now, pay later (BNPL). The Company also offers direct-to-consumer solutions that give customers more access, choice, and freedom through its branded Bread Cashback American Express credit card and Bread Savings products.

In October 2023, KeyBanc Capital Markets (KBCM) successfully closed on $400 million of Senior Notes due in 2034 for GATX Corporation (GATX or the Company). KBCM acted as Senior Co-Manager on the transaction.

GATX is a leading global railcar lessor, owning fleets in North America, Europe, and Asia. The Company operates the largest fleet of U.S. flagged vessels on the Great Lakes and co-owns one of the largest aircraft spare engine lease portfolios in the world.

On September 27, 2023, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of a $500 million, 364-day Revolving Credit Facility for Wilton Re Ltd. (Wilton Re or the Company). KBCM acted as Joint Lead Arranger, Joint Bookrunner, and Co-Syndication Agent on the transaction.

Headquartered in Nova Scotia, Canada, Wilton Re is a leading private life reinsurance company that specializes in the acquisition of in-force life insurance and annuities. The Company offers traditional life reinsurance products, simplified issue products, runoff solutions, and longevity solutions. Wilton Re conducts operations through subsidiaries in Canada, Bermuda, and the U.S., and is owned by the Canadian Pension Plan Investment Board, the investment arm of one of the largest pension funds in the world.

In September 2023, KeyBanc Capital Markets (KBCM) successfully closed on $900 million of Senior Notes due in 2027 and $850 million in Senior Notes due  in2030 for AerCap Ireland Capital DAC/AerCap Global Aviation Trust (AerCap or the Company). KBCM acted as Joint Bookrunner on the transaction.

AerCap is a global leader in aviation leasing with a portfolio consisting of 3,467 aircraft, engines, and helicopters that were owned, on order, or managed as of June 30, 2023. The Company provides a wide range of assets for lease, including narrowbody and widebody aircraft, regional jets, freighters, engines, and helicopters.

On July 7, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $315 million in Senior Revolving Credit Facilities (the Credit Facilities) for James River Group Holdings, Ltd. (James River or the Company). The Credit Facilities are composed of a $102.5 million Secured Revolving Credit Facility and a $212.5 million Unsecured Revolving Credit Facility. Proceeds from the Credit Facilities will be used to refinance existing indebtedness, support the Company’s ongoing working capital needs, and for general corporate purposes. KBCM acted as Left Lead Arranger, Joint Bookrunner, and Administrative Agent on the transaction.

James River is a Bermuda-based holding company whose subsidiaries include a Bermuda-based reinsurer and five property casualty insurance companies domiciled in the United States. The Company’s three major operating segments are Excess Surplus, Casualty Reinsurance, and Specialty Admitted.

On June 8, 2023, KeyBanc Capital Markets (KBCM) successfully closed on $275 million of Convertible Senior Notes due 2028 for Bread Financial Holdings, Inc. (Bread or the Company). KBCM acted as Joint Bookrunner on the transaction.

Bread Financial Holdings is a tech-forward financial services company providing simple, personalized payment, lending, and saving solutions. The Company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility, and exceptional customer experiences. Driven by a digital-first approach, data insights, and white-label technology, BFH delivers growth for its partners through a comprehensive product suite, including private label and co-brand credit cards, installment lending, and buy now, pay later (BNPL). The Company also offers direct-to-consumer solutions that give customers more access, choice, and freedom through its branded Bread Cashback American Express credit card and Bread Savings products.

In May 2023, KeyBanc Capital Markets (KBCM) successfully closed on $750 million of Senior Notes due in 2028 for Avolon Holdings Funding Limited (Avolon or the Company). KBCM acted as Joint Bookrunner on the transaction.

Avolon is a leading global aircraft leasing company focused on acquiring, managing, leasing, and selling commercial aircraft. The Company is headquartered in Ireland, with offices in the United States, the United Arab Emirates, Singapore, Hong Kong, and China. As of September 30, 2023, Avolon’s owned, managed, and committed portfolios consisted of 897 aircraft, including 524 aircraft in its owned portfolio, 44 aircraft in its managed portfolio and 329 aircraft in its committed portfolio. As of September 30, 2023, Avolon’s owned and committed portfolios had a fleet valuation of $47.1 billion.

On April 28, 2023, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of $375 million of Senior Unsecured Credit Facilities (the Credit Facilities) for ProAssurance Corporation (ProAssurance or the Company). The Credit Facilities consist of a $250 million Revolving Credit Facility and a $125 million Delayed Draw Term Loan. Proceeds from the Credit Facilities will be used to refinance existing indebtedness and to pay transaction fee expenses. KBCM acted as Joint Lead Arranger, Joint Bookrunner Co-Syndication Agent on the transaction.

Founded in 1976 and headquartered in in Birmingham, Alabama, ProAssurance is a leading provider of property and casualty insurance, and reinsurance products in the United States. The Company operates through Specialty Property and Casualty, Workers’ Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd’s Syndicate segments. ProAssurance participates in Lloyd’s of London Syndicate 1729, which underwrites property and casualty insurance, and reinsurance. The Company markets its products through independent agencies and brokers, as well as an internal business development team.

On April 26, 2023, Private Export Funding Corporation (PEFCO or the Company) issued $300 million of Senior Secured Notes due 2027 (the Notes) at a spread of +43 bps for a coupon of 3.900%. The Notes drew significant interest from a wide investor base with a couple of strong anchor orders, garnering a total orderbook of approximately $1.0 billion, good for a 3.5x oversubscription. The Company plans to use the net proceeds from the offering to fund outstanding loan commitments. KeyBanc Capital Markets acted as Active Joint Bookrunner on the transaction.

PEFCO is principally engaged in making U.S. Dollar loans to foreign importers to finance purchases of U.S. goods and services. The Company was established by a group of U.S. financial institutions with the support of the U.S. Treasury, the Federal Reserve and the Export Import Bank of the United States (Ex-Im Bank) to assist in the financing of U.S. exports through the mobilization of private capital as a supplement to the financing already available through Ex-Im Bank.