Specialty Distribution Monthly

On August 8, 2025, KeyBanc Capital Markets, Inc. (KBCM) successfully closed the syndication of $295 million Senior Secured Credit Facilities (the Credit Facilities) for the Mississippi Band of Choctaw Indians (d/b/a Choctaw Resort Development Enterprise) (MBCI, or the Tribe). The Credit Facilities consist of a $100 million Revolving Credit Facility, $85 million Term Loan A, and $110 million Delayed Draw Term Loan. The proceeds will be used to refinance existing indebtedness, fund working capital and gaming-related capital expenditures, finance the construction of the new Choctaw Central Middle School and High School Campus, and pay transaction-related fees and expenses.

This transaction represents KBCM’s second left lead syndicated transaction with the Tribe. MBCI selected KBCM based on our longstanding relationship with the Tribe, along with our extensive knowledge and expertise within the Native American Financial Services industry, and successful track record of syndication transactions in the gaming space.

Choctaw Central Middle School and High School Campus
Scheduled to open in Summer 2026, the new Choctaw Central Middle School and High School Campus will feature a two-story academic building to accommodate up to 1,200 students. The campus will include offices for middle school and high school staff, principals’ offices, counselors’ offices, a band hall, cafeteria, dormitory, library, ADA bathrooms, elevators, a two-level arena, and a 2,000-seat turf football field.

Tribe Overview
The Tribe is a sovereign nation and the only federally recognized Tribe in Mississippi, with over 11,000 enrolled members. Tribal lands encompass 35,000 acres across 14 counties, and contain a diversified portfolio of manufacturing, service, retail, gaming, hospitality, and construction enterprises. The Tribe established CRDE in October 1999 for the purpose of managing existing and future gaming and resort operations. The CRDE gaming and hospitality portfolio includes Golden Moon Hotel & Casino, Silver Star Hotel & Casino, Bok Homa Casino, Crystal Sky Travel Plaza, Dancing Rabbit Golf Club, Dancing Rabbit Inn, and Geyser Falls Water Theme Park.

On June 26, 2025, KeyBanc Capital Markets (KBCM), as Sole Manager, and the City of Huber Heights, Ohio (the City), successfully closed a $56.2 million Various Purpose Notes, Series 2025 (General Obligation – Limited Tax) (the Notes) transaction. Proceeds received from the sale of the Notes will be used to 1) retire, with Note proceeds and cash in hand, Notes issued for the purpose of paying the costs of improving (a) the public works department, (b) city council facilities, (c) fire station facilities, (d) the Meadows infrastructure project, (e) public improvements; and (2) providing funds for City Hall renovations and the design of an indoor music center for community use.

Located just minutes from Wright-Patterson Air Force Base and Dayton’s commercial center, Huber Heights is home to over 800 businesses, from high-tech manufacturers to distributors. The residents of Huber Heights are spread comfortably over 25 square miles. Just over 38,000 residents of diverse backgrounds earn an average income of more than $69,000. The City is a community that provides an outstanding business environment that supports a high quality of life and an affordable cost of living coupled with abundant recreational and cultural amenities. A host of nationally acclaimed institutions of higher learning are within minutes of the City, including the Air Force Institute of Technology, several acclaimed universities (Cedarville, the University of Dayton Wilberforce, Wittenberg, and Wright State, among others). Together these institutions offer everything from advanced degrees to executive leadership training and lend to robust community amenities.

On July 24, 2025, KeyBanc Capital Markets (KBCM) successfully advised Omni Glass & Paint, LLC (Omni or the Company), a portfolio company of Merit Capital Partners (Merit), on its sale to The Sterling Group Foundation Fund (Sterling). KBCM was selected to serve as Omni's Exclusive Sell-Side Advisor based on its industry-leading specialty distribution investment banking practice, long history of transaction success within the glass/window industry, and track record of successful M&A execution.

Omni is a leading provider of a broad range of glass and paint products and services. Founded in 1967, Omni provides custom glass, panels, contract glazing, and specialty coating solutions to general contractors and manufacturers, primarily in Wisconsin. The Company operates through five divisions including Glass, Paint, OEM, Residential, and Tempering. Omni is headquartered in Oshkosh, Wisconsin, and has six facilities throughout the state.

Headquartered in Chicago, Merit is a private equity investment firm with $2.7 billion of capital under management. Founded in 1993, the firm focuses on providing equity and subordinated debt to lower middle market companies. Merit partners with business owners, management teams and independent sponsors to support management buyouts, recapitalizations and growth financings across the manufacturing, distribution and services sectors.

Headquartered in Houston, Texas, The Sterling Group is a leading private equity and private credit investment firm with $9.4 billion of assets under management. Founded in 1982, the firm focuses on lower middle market companies and partners with management teams to strategically and operationally improve businesses operating within basic manufacturing, distribution, and industrial service industries. The Foundation Fund is a 2023 vintage buyout fund with over $635 million of committed capital.

On July 17, 2025, KeyBanc Capital Markets (KBCM) successfully closed on $350 million of Senior Secured Notes due 2030 (the Notes) for ParkOhio Industries, Inc. (ParkOhio, or the Company). Proceeds from the Notes will be used to redeem the outstanding 6.625% Senior Notes due 2027 and pay related fees and expenses. KBCM served as Co-Syndication Agent and Joint Bookrunner due to our deep industry expertise, extensive Debt Capital Markets expertise, and long-term relationship with ParkOhio.

ParkOhio Industries is an international manufacturing company that provides supply chain management outsourcing services, capital equipment used on production lines, and manufactured components for assembly. The Company operates in three business segments including Supply Technologies, Assembly Components, and Engineered Products. ParkOhio’s businesses are exposed to diverse and highly attractive geographic end markets, including the United States, Europe, Asia, Mexico, and Canada.

On July 8, 2025, KeyBanc Capital Markets (KBCM) successfully advised Kodiak Interiors Group, LLC (Interiors or the Company), the interiors division of Kodiak Building Partners, Inc. (Kodiak), a portfolio company of Court Square Capital Partners (Court Square), on its sale to a Private Investor Consortium. KBCM served as Interiors’ Exclusive Sell-Side Advisor based on its industry-leading Industrial Building Products practice, proven M&A execution capabilities and relevant carveout transaction experience.

Interiors is a leading national distributor of interior building products and provider of installation services for homebuilders and repair & remodel contractors. The Company operates 35+ locations in Arizona, Colorado, Pennsylvania and Texas, offering appliances, flooring, cabinets and other interior products.

Kodiak, headquartered in Englewood, Colorado, is a national building materials distribution platform founded in 2011, employing more than 6,500 team members across 29 states. Kodiak serves local and national customers across the residential construction, repair & remodel, commercial and infrastructure construction markets. Their diverse product offering includes lumber and building materials, construction supplies, gypsum and interiors products.

Court Square is a New York-based private equity investment firm that has completed more than 245 platform acquisitions. Court Square focuses on investing in middle-market Industrials, Business Services, Healthcare and Tech & Telecom companies, partnering with founders, families and management teams to drive long-term value and establish market leadership.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Beacon Health System in its acquisition of Ascension Southwest Michigan, including the Borgess Health System.

On behalf of Beacon, Cain Brothers proactively approached Ascension about divesting Borgess Health. Following numerous discussions, the assets were formally marketed and the persistence of the Cain Brothers team, along with a thoughtful RFP response, positioned Beacon as the best partner. The transaction closed on July 1, 2025.

Founded in 2011, Beacon Health has grown to a nine-hospital not-for-profit system in northern Indiana and southwest Michigan. Beacon is headquartered in South Bend and employs more than 8,000 associates throughout the region at over 74 different locations.

Borgess is a not-for-profit health system consisting of four hospitals, 35 outpatient clinics, and one ambulatory surgery center. The largest facility is a 422-bed acute care hospital in Kalamazoo. Borgess has more than 2,700 associates, including 261 providers.

Ascension is one of the nation’s largest not-for-profit health systems, with approximately 99,000 associates, 23,000 aligned providers, 94 wholly-owned or consolidated hospitals, and ownership interests in 27 additional hospitals. Ascension also operates 30 senior living facilities and a variety of other care sites offering a range of services.

In July 2025, KeyBanc Capital Markets served as Sole Underwriter on $58.9 million of taxable Public Finance Authority Senior Lien Revenue Bonds (E-470 Public Highway Authority Service Areas Project), Series 2025 (the Series 2025 Bonds, or the Bonds). 

The Series 2025 Bonds will finance the construction of four new service plazas along the 47-mile E-470 beltway around Denver, Colorado — Parker Southbound, Aurora Northbound, Commerce City Southbound, and Commerce City Northbound — under a long-term concession with the E-470 Public Highway Authority. Each plaza will feature fuel, food and beverage, convenience store, and electric vehicle services. The Bonds are being issued to (i) pay a portion of the costs and expenses incurred in connection with the design, construction, equipping and financing of the improvements; (ii) pay a portion of the interest payable on the Bonds during construction; and (iii) pay certain cost of issuing the Bonds and other permitted financing costs.

Applegreen is the largest highway travel plaza operator in Ireland and the second largest in the UK. It operates 620 forecourt sites across Ireland, U.K. and U.S. Applegreen has 530 locations and more than 700 food and beverage offerings. The key areas in the U.S. include the Midwest, across Indiana and Ohio, and the Northeast – New York, New Jersey, Maine, Delaware, Connecticut, Massachusetts, and Pennsylvania.

In July 2025, KeyBanc Capital Markets (KBCM) successfully closed on $500 million Senior Notes due in 2028, $500 million in Senior Notes due in 2030, and $500 million Senior Notes due 2035 for The Sherwin-Williams Company (Sherwin-Williams). KBCM acted as Co-Manager on the transaction.

Sherwin-Williams and its consolidated wholly owned subsidiaries are engaged in the development, manufacture, distribution, and sale of paint, coatings, and related products to professional, industrial, commercial, and retail customers primarily in North and South America, with additional operations in the Caribbean region and throughout Europe, Asia, and Australia.