Higher Education Finance Quarterly

On May 28, 2026, KeyBanc Capital Markets served as Joint Bookrunner on Forgent Power Solutions, Inc.’s (Forgent) $2.3 billion Follow-On Offering of 48,622,000 shares, including overallotment.

Forgent is a provider of engineered protection and control equipment used in data centers, the power grid, and energy-intensive industrial facilities. Major product categories of electrical distribution equipment that Forgent sells include electrical houses, substation enclosures, generator connection cabinets, power skids, automatic transfer switches, dry type transformers, remote power panels, switchboards, and switchgear.

On May 27, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed $173.4 million of Senior Secured Credit Facilities for Prospect Power, a 150 MW/600 MWh utility-scale battery energy storage system in Rockingham County, Virginia. Prospect Power is owned by Elevate Infrastructure, a portfolio company of ArcLight Capital Partners. The facilities include a $154 million term loan and $19.4 million in letters of credit. Proceeds will be used to support the operating period of the project. KBCM acted as Joint Lead Arranger, Administrative Agent, Collateral Agent and Depository Bank.

This represents the first transaction between Elevate and KBCM.

About Elevate Infrastructure
Formed in 2022 and headquartered in Boston, Massachusetts, Elevate Infrastructure is a utility-scale battery storage developer and Independent Power Producer (IPP) with development and operating capabilities across North America. Backed by ArcLight Capital Partners, a leading infrastructure investor, the Company has a 630 MWh operating base and over 12 GWh of projects under construction or development, with operational assets spanning nine states and five markets.

About ArcLight Capital Partners
ArcLight Capital Partners is a Boston-headquartered energy infrastructure asset manager with over $80 billion invested across 65+ GW of capacity and 47,000 miles of electric and gas transmission infrastructure. Founded in 2001, ArcLight has invested approximately $5 billion in renewable infrastructure platforms across wind, solar, geothermal and hydroelectric facilities. ArcLight has extensive experience owning and operating renewable infrastructure projects across both major platform investments and individual project investments.

On May 6, 2026, KeyBanc Capital Markets (KBCM) successfully closed the syndication of an undisclosed amount in Senior Secured Credit Facilities (the Credit Facilities) to support Siris Capital Group’s (Siris) acquisition of Takkion Group LLC (TAKKION or the Company). Proceeds from the Credit Facilities were used to finance the acquisition of Siris and pay transaction-related fees and expenses.

TAKKION is a leading independent service provider delivering integrated solutions for renewable energy projects across North America. The company supports the full asset lifecycle—from logistics and transportation to construction, operations, maintenance, remanufacturing, and electrical services. With a nationwide network of skilled professionals and specialized equipment, TAKKION brings the scale and technical expertise to execute complex projects safely, efficiently, and to the highest quality standards. Guided by its core values of Safety, Integrity, and Transparency, TAKKION helps customers maximize performance and long-term asset value.

Siris is a leading private equity firm focused on control investments in North American middle-market services companies that support critical technology infrastructure underpinned by secular tailwinds, such as artificial intelligence, cybersecurity and digital transformation. Based in West Palm Beach, Florida, the firm has invested approximately $9 billion since its inception as of December 31, 2025.

KeyBank Community Development Lending & Investment provided capital for the new construction of The Queen Senior apartments, a 49-unit senior affordable housing project in Philadelphia, Pennsylvania. 49 units will serve senior citizens earning no more than 20%-50% the AMI (Area Median Income). Supportive services will be offered to residents and will include health and wellness programs, lifeline services, social services, and counseling. We want to thank The Queen Senior LLC for their sponsorship and shared mission to build much-needed affordable housing in Pennsylvania.

The financing includes a construction loan arranged by Seaver Rickert.

KeyBank Community Development Lending & Investment provided capital for the new construction of The Medow on Seneca, a 70-unit affordable housing project in Ithaca, New York. 70 units will serve families and individuals earning no more than 30%-80% the AMI (Area Median Income). The project includes 35 supportive housing units consisting of 25 units supported by the Empire State Supportive Housing Initiative (ESSHI) and 10 units supported through the New York State Office of Mental Health Supportive Housing Single Room Occupancy (OMH SP-SRO) program. Supportive services will be provided by Rehabilitation Support Services, Inc. (RSS) and will include case management, crisis response, living skill support, behavioral-health coordination employment readiness, and safety planning for domestic violence survivors. We want to thank Rehabilitation Support Services for their sponsorship and shared mission to build much-needed affordable housing in New York.

The financing includes a $14.8 million construction loan arranged by Seaver Rickert.

On April 21, 2026, KeyBanc Capital Markets served as Joint Bookrunner on Yesway, Inc.’s (Yesway or the Company) $322 million Initial Public Offering of 16,100,000 shares, including overallotment.

Established in 2015 and headquartered in Fort Worth, Texas, Yesway is an award-winning convenience store operator with 449 stores across nine states in the Midwest and Southwest. The Company is renowned for its iconic food service offerings, diverse grocery selections, and private-label products, including the famous Allsup's deep-fried burrito. Through strategic acquisitions, the 91 new stores it has developed and opened in the past several years, and its steadfast commitment to customer satisfaction and community engagement, Yesway continues to cement its position as one of the leading convenience retailers in the U.S.

The transaction includes a $54 million ($181,324/unit) non-recourse, first mortgage loan secured by a 298-unit, garden-style apartment known as Lakeview at Westpark, located in Richmond, Texas. Lakeview at Westpark consists of six three-split-story buildings and a one-story community building (5,820 square feet) for a total of seven (7) buildings. The property was built in 2021 and is situated on 11.02 acres of land. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a 35-year term and amortizes on a 35-year schedule.

On April 14, 2026, KeyBanc Capital Markets and Key Government Finance successfully closed $80 million of Senior Secured Credit Facilities for Redding Rancheria. The proceeds, in conjunction with equity contributions, will support the construction and development of the new Redding Rancheria Health Village.

This transaction represents Key’s second financing for Redding Rancheria and the second financing for the Native American Financial Services team secured solely by healthcare revenues. Key was selected to serve as Sole Lender and Structuring Agent due to its extensive experience financing Native American construction projects and deep-rooted relationship with Redding Rancheria.

Redding Rancheria
Redding Rancheria is a federally recognized Tribe with Pit River, Wintu and Yana people and an established leader in the constructive development of its people, the larger Indian community and the Redding Region. Redding prides itself on tribal culture, history and identity by investing in its youth and adults to create a future with the strength of the ancestral lineage. Redding’s government and reservation is in the southwest area of Redding, California, where it operates various governmental services and provides healthcare to over 12,000 Native and non-Native citizens.

Redding Rancheria Health Village
In 1991, Redding operated a small facility to provide medical, behavioral and dental health services to Native Americans, which expanded into the 12,000-square-foot Churn Creek Road Facility. In 2012, Redding acquired their 33,000-square-foot Liberty Street Facility and expanded the operation of each program, and in 2022, constructed the 18,000-square-foot Trinity Health Center. In 2024, Redding opened its Center for Advanced Care, broadening access to specialty-driven services for its expanding patient base.

The Redding Rancheria Health System has evolved and expanded over the course of three decades to service both Native and non-Native populations, with a focus on the large and underserved Medicare and Medi-Cal population. The new visionary Health Village, opening in early 2027, will span 185,000 square feet and provide comprehensive, culturally centered health care, with a focus on holistic wellness. Eleven primary care providers and seven medical specialists will serve over 22,000 patients and enhance health and wellness care for the region.

On April 13, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $600 million Senior Notes offering for Caturus Energy, LLC. Proceeds will be used to partially fund the acquisition of Galvan Ranch assets from SM Energy Company and for general corporate purposes.

KeyBank successfully closed a $25 million Term Loan and $5 million Revolving Line of Credit for Moosilauke Visions, Inc. and its subsidiaries. Proceeds from the facilities were used for the acquisition of five behavioral health programs across the Western and Southeastern U.S. and to support ongoing working capital needs of the borrowing group. Key acted as Sole Lender on the transaction. Full primacy, including operating deposits and core payments, was also provided. 

Moosilauke Visions, Inc. (MVI) is a Maine‑based 501(c)(3) nonprofit that serves as a strategic parent and shared‑services platform for a portfolio of mission‑driven organizations across human services, behavioral health, education, wellness, and related community‑based sectors, providing centralized financial, operational, and governance support while enabling independent operations and sustainable growth.

Cain Brothers, a division of KeyBanc Capital Markets, acted as Exclusive Financial Advisor to Blue Cross and Blue Shield of Kansas City on its affiliation with Highmark, Inc.

Blue KC engaged Cain Brothers to identify a partner to help achieve efficiencies, add new capabilities and drive more affordable health care. Blue KC will maintain its local leadership, brand and commitment to accessible, affordable health care, while gaining access to Highmark’s scale, diversified businesses and leading technology capabilities. Cain Brothers is the leading advisor to Blue Cross and Blue Shield plans and this represents another significant affiliation within the sector.

Serving members since 1938, Blue Cross and Blue Shield of Kansas City is the largest not-for-profit health insurer in Missouri and the only not-for-profit commercial health insurer in Kansas City. Blue KC provides coverage to more than one million residents in the greater Kansas City area, with a mission to provide affordable access to healthcare and to improve the health of its members.

An independent licensee, Highmark, together with its affiliates, is the fifth-largest Blue Cross Blue Shield-affiliated organization in the country, with more than seven million members in Pennsylvania, Delaware, West Virginia and western and northeastern New York. Its diversified businesses serve group customer and individual needs across the U.S.

KeyBank Community Development Lending & Investment provided capital for the rehabilitation of Wallkill Living Center, a 136-unit senior affordable housing project in Middletown, New York. 136 units will serve senior citizens earning no more than 50%-80% the Area Median Income (AMI). Supportive services will be offered to residents and will include transportation coordination, grocery/pharmacy delivery, on-site hairdressing and dry cleaning, visiting physicians, and recreational classes and activities. We want to thank Lincoln Avenue Capital for their sponsorship and shared mission to build much-needed affordable housing in New York.

The financing includes an equity bridge loan arranged by Kelly Frank and LIHTC equity arranged by Kortney Brown.