Commercial Banking

On April 1, 2025, SmartStop Self Storage REIT, Inc. (SmartStop or the Company) priced their Initial Public Offering, which featured a base offering of $810 million that grew to $931.5 million after the overallotment option was exercised. The Company plans to use the net proceeds from the offering towards redeeming 100% of its issued and outstanding Series A Preferred Stock, paying down existing debt under its credit facility and repaying an acquisition facility. KeyBanc Capital Markets served as Active Bookrunner on the transaction.

KeyBank Community Development Lending and Investment (CDLI) provided $23.3 million in construction loans and invested $10.7 million in low-income housing tax credit (LIHTC) financing, and KeyBank’s Commercial Mortgage Group also arranged $16.2 million in Freddie Mac TEL permanent financing for the construction of two affordable multifamily housing projects in Los Angeles. The sponsor and developer, HVN Development, also provided loans in the amount of $2.4 million for these two projects. California Housing Finance Agency (CHFA) will also issue $14.4 million of Multifamily Housing Revenue Bonds, as well as $7 million in recycled bonds to fund the permanent loans.

The first apartment (North Mathews), located at 121 North Mathews Street, is a single four-story, 40-unit building that will comprise of six one-bedroom apartments and 33 two-bedroom apartments, as well as one two-bedroom, revenue-generating manager unit. All 39 LIHTC units will be rent-restricted and restricted to tenants earning at or below 80% of area median income (AMI). Rent restrictions are as follows: four units at 30% AMI, four units at 50% AMI, 23 units at 60% AMI, and eight units at 80% AMI.

The second apartment (Brynhurst), located at 6018 Brynhurst Avenue, is a single four-story, 50-unit building that will comprise of seven one-bedroom units and 42 two-bedroom units, as well as one two-bedroom, revenue-generating manager unit. All 49 LIHTC units are restricted to tenants earning at or below 80% AMI. Rent restrictions are as follows: five units at 30% AMI, five units at 50% AMI, 29 units at 60% AMI, and 10 units at 80% AMI.

North Mathews and Brynhurst are located in highly walkable areas and near the LA Metro system, which provides bus and subway service throughout Los Angeles. The property manager, Aperto Property Management, will oversee the management of both apartments. 

LifeSTEPS will offer on-site supportive services including financial literacy, computer training, and home-buyer education, as well as health and wellness programs. All services are free for tenants and paid for by the sponsor/developer, HVN Development.

HVN Development has partnered with Integrity Housing, an experienced developer committed to identifying innovative solutions to ease California’s housing crisis by increasing the affordable housing supply. Integrity Housing has completed nearly 40 affordable housing projects in California. 

KeyBank Community Development Lending and Investment (CDLI) provided a $13.9 million construction loan and $21.4 million in low-income housing tax credit (LIHTC) financing for the construction and rehabilitation of Miami Inspiration Housing in Miami, Arizona. The project also received $500,000 of soft debt financing from the Arizona Department of Housing. This development marks a significant milestone in the community as it is the first affordable housing project to be built in the market since 2009.

Miami Inspiration Housing will consist of the renovation of a non-occupied historical building with 16 units and the new construction of a second building with 24 units, creating a 40-unit total affordable housing complex. The property will provide quality housing for families, with income levels between 40%, 50%, and 60% of the AMI. Miami Inspiration Housing will provide families a safe and vibrant place to call home, positively impacting the community at large.

The development is located in Miami, a rural town approximately 80 miles east of Phoenix. The community is located within the Copper Corridor where mining and ranching still represent 20% of the county’s primary sources of employment, as several smaller copper mines and processing facilities remain active.

Miami Inspiration Housing is located near major local employers including Freeport McMoRan Mining, Capstone Mining, Globe and Miami Unified School Districts, Gila Community College, Cecil Trucking, and Cobre Valley Regional Medical Center. The property also sits just two blocks north of Highway 60, Miami’s main thoroughfare, and benefits from proximity to retail, healthcare, recreation, and other amenities.

The real estate developer, Chicanos Por La Causa (“CPLC”), is a community developer with a 56-year history of empowering lives through more than 30 different programs and services in Arizona and most recently in California, Colorado, Nevada, New Mexico, and Texas. Miami Inspiration is part of a larger strategy to bring diverse housing opportunities in rural and urban communities to meet local needs including wraparound education and social and workforce development services. Gorman Property Management, an affiliate of Gorman & Company (“Gorman”), will serve as the management company. Today, Gorman manages more than 60 apartment communities, totaling over 6,000 units. 

Together with the KeyBank Beach Point Direct Lending Program, KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, successfully closed on Senior Secured Credit Facilities supporting SK Capital’s acquisition of Spectrum Vascular.

SK Capital’s investment in Spectrum, a provider of vascular access and medication management products, will enable the Company to accelerate growth initiatives and expand its presence. Through its relationship with the Company and deep understanding of the end market, Cain Brothers was able to provide value-added support to SK Capital in their evaluation and execution of the transaction. The Credit Facilities consisted of a Revolving Credit Facility, a Unitranche Term Loan, and a Delayed Draw Term Loan.  

Spectrum Vascular is an innovative medical device company focused on vascular access and medication management. The Company’s mission is to improve the lives of patients worldwide by providing caregivers with high quality, innovative products with exceptional customer service. Innovation has been a core strategic pillar throughout Spectrum Vascular's history and many of its products have been designed to deliver antimicrobial protection and thrombus reduction. Spectrum Vascular was formed through the acquisition of the vascular access businesses of Cook Medical and AngioDynamics. For more information, please visit www.spectrumvascular.com.

SK Capital is a private investment firm with a disciplined focus on the specialty materials, ingredients, and life sciences sectors. The Firm seeks to build resilient, sustainable, and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk.

Transaction Overview:
On March 28, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of $1.025 billion Senior Secured Credit Facilities for Catawba Nation Gaming Authority (CNGA), a tribal instrumentality of the Catawba Indian Nation (Catawba). CNGA owns and operates Catawba Two Kings Casino in Kings Mountain, North Carolina. 

The financing included a $75 million revolver, $415 million delayed Draw Term Loan A and a $535 million Term Loan B. Proceeds will be used to refinance existing debt and fund construction of CNGA’s expansion project at its Two Kings Casino. 

This transaction marks the second syndicated financing for CNGA since 2024. 

About Catawba Indian Nation:
Catawba Indian Nation is comprised of ~4,100 enrolled members and is the only federally recognized tribe in South Carolina. The 700-acre Catawba reservation is located on the banks of the Catawba River. 

About the Expansion Project:
CNGA owns and operates Catawba Two Kings Casino, which is located on tribal land in Kings Mountain, North Carolina. It is the only casino in the Charlotte market, having initially opened in July 2021. The casino currently features over 1,100 slot machines, 14 table games, and two food and beverage outlets. Following the $1 billion expansion project, the offerings will be expanded to include over 4,300 slot machines, 92 table games, and 16 food and beverage outlets.

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.

American Electric Power (AEP) announced the pricing of a registered underwritten offering of 19,607,844 shares of its common stock at $102 per share on March 24, 2025. The shares are expected to be borrowed by forward counterparties or their affiliates from third parties and sold to the underwriters in connection with forward sale agreements. AEP has the option to choose cash settlement or net share settlement for all or part of its rights or obligations under these agreements. If AEP opts for physical settlement, the net proceeds will be used for general corporate purposes, such as capital contributions to its utility subsidiaries, acquisitions, or debt repayment. KeyBanc Capital Markets acted as a co-manager for this offering.

About American Electric Power
American Electric Power is committed to improving customers’ lives with reliable, affordable power. They are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Their nearly 16,000 employees operate and maintain the nation’s largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP is one of the nation's largest electricity producers with approximately 29,000 megawatts of diverse generating capacity.

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^®.