Debt Capital Markets

On January 14, 2025, KeyBanc Capital Markets (KBCM) successfully closed on an undisclosed amount of Senior Secured Credit Facilities in support of Stellex Capital Management’s acquisition of ICS Holding, LLC. KBCM served as Joint Lead Arranger, Joint Bookrunner and Syndication Agent on the transaction.

On January 8, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $500 million Senior Notes offering for Kimmeridge Texas Gas, LLC. Proceeds will be used for general corporate purposes.

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.

On December 4, 2024, KeyBanc Capital Markets served as Joint Bookrunner on a $400 million Senior Notes offering for Crescent Energy Company. Proceeds will be used to fund the acquisition of Eagle Ford assets from Ridgemar Energy Operating, LLC.

On December 3, 2024, KeyBanc Capital Markets served as Joint Bookrunner on Coterra Energy Inc.’s offering of $750 million in Senior Notes due in 2035 and $750 million in Senior Notes due in 2055. Proceeds will be used to fund the acquisition of Delaware Basin assets from Franklin Mountain Energy, LLC, and Avant Natural Resources, LLC, and for general corporate purposes.

On November 26, 2024, KeyBanc Capital Markets (KBCM) successfully closed $179.1 million in Senior Secured Credit Facilities (the Facilities) for rPlus Energies for the Pleasant Valley Solar 2 project (PVS2 or the Project). This Project is in Ada County, Idaho, adjacent to the Pleasant Valley Solar 1 project, which was developed by rPlus Energies and constructed in 2023. The PVS2 Facility comprises $97.4 million in Construction Loans, $63.4 million in ITC Bridge Loans, and $18.3 million in PPA LCs. Proceeds will be used to fund the construction and operating periods of the Project. KBCM acted as Coordinating Lead Arranger, Joint Bookrunner, Collateral Agent, and Depositary Agent.

The Pleasant Valley Solar 2 is a 125 MW_AC/163 MW_DC utility-scale solar project. It is scheduled to achieve commercial operation in the second quarter of 2026 and will generate revenue under a 20-year busbar-settled power purchase agreement with Idaho Power.

This financing marks the second transaction between rPlus Energies and KBCM. In July 2024, KBCM successfully closed senior secured credit facilities for Green River Energy Center.

About rPlus Energies
Founded in 2018, rPlus Energies is an experienced solar, storage, and wind developer based in Salt Lake City, Utah, with a development pipeline of more than 15 gigawatts (GW). Since its establishment, rPlus Energies has successfully developed more than 1.4 GW of solar and wind projects across Utah and Idaho, all of which are either operational or under construction. rPlus Energies is backed by Sandbrook Capital, a private investment firm with more than $2.1 billion in equity commitments focused on investing in leading renewable energy and sustainable infrastructure platforms throughout North America and Europe, and the Gardner Group, a leading Salt Lake City-based full-service real estate developer with an expansive real estate portfolio consisting of 10+ million square feet of commercial and medical building space and 2,500 residential lots.

On November 13, 2024, KeyBanc Capital Markets served as Co-Documentation Agent on a $1.5 billion Senior Secured Revolving Credit Facility for Magnolia Oil & Gas Operating, LLC. Proceeds will be used for general corporate purposes.

On November 12, 2024, KeyBanc Capital Markets served as Joint Bookrunner on a $400 million Senior Notes offering for Magnolia Oil & Gas Operating, LLC. Proceeds were for general corporate purposes.

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.

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.

On October 7, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of new $1.15 billion Senior Secured Credit Facilities (the Credit Facilities) for Wilton Rancheria Gaming Authority, an unincorporated governmental instrumentality of Wilton Rancheria (the Tribe), which was established to develop, construct, and operate Sky River Casino (Sky River or the Casino). The Credit Facilities consist of a $200 million Revolver, $500 million Term Loan A, and $450 million Delayed Draw Term Loan. The Credit Facilities will be used to refinance existing indebtedness, finance the Phase II expansion of Sky River Casino, fund working capital and general corporate purposes, and pay transaction fees and expenses.

The project includes a new 300-room resort hotel, parking garage with more than 1,600 spaces, 400 additional slot machines, meeting space and event center, resort pool and spa, café, lobby bar, hotel room service, and atrium. KBCM acted as Joint Lead Arranger and Joint Bookrunner on the transaction.

About Wilton Rancheria 
Wilton Rancheria is a federally recognized sovereign Indian nation with more than 1,000 enrolled members. The Tribe occupies ~36 acres of trust land in Elk Grove, California, and was federally recognized in 2009, with its constitution being ratified in 2011.

About Sky River Casino
Sky River Casino is the closest gaming property to downtown Sacramento and offers a wide variety of gaming and non-gaming amenities and entertainment. The casino features 110,000 square feet of gaming space, 2,100 slot machines, 81 table games, and a high-limit area including a private VIP salon. Gaming at the Casino is complemented by 19 unique food and beverage options, including the Rock Bar, 32 Brews Street, and SR Prime. The Casino is managed by Boyd Gaming.