Specialty Distribution Monthly

On June 16, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $550 million Senior Notes offering for California Resources Corporation. Proceeds will be used to refinance existing indebtedness and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Nutrisense, a portfolio company of 1315 Capital, on its sale to Dexcom (NASDAQ: DXCM).

Cain Brothers was engaged based on its experience in the medical device and health tech sectors. The acquisition represents a significant strategic move for hardware-focused Dexcom to accelerate their push into the large, Type 2 diabetic and metabolic health markets. By leveraging Nutrisense’s tech-enabled, direct-to-consumer distribution and coaching layer, Dexcom intends to increase sensor penetration, improve retention and monetize glucose data. The transaction continues Cain Brothers’ track record of representing private equity-backed companies and momentum in cross-sector M&A. 

Nutrisense is a digital metabolic health platform that combines continuous glucose monitoring (“CGM”), a mobile app and registered dietitian coaching to help users better understand how food, sleep and lifestyle affect their blood sugar. The company primarily serves health-motivated and pre-diabetic individuals through a subscription model, translating real-time glucose data into personalized nutrition and behavior guidance aimed at improving metabolic health and weight management.

Dexcom is a leading glucose sensing and continuous glucose monitoring company focused on helping people take control of their health through innovative biosensing technology. For more than 25 years, Dexcom’s technology has helped transform how people manage diabetes and track glucose, providing real-time insights that support more informed decisions and greater confidence in daily health management.

Founded in 2014, 1315 Capital is a healthcare-focused investment firm with over $1 billion of assets under management. The firm invests in commercial-stage companies across healthcare services, pharma/medtech products, pharma/medtech outsourcing, and health & wellness, partnering with management teams to scale businesses that positively impact patients, physicians and the broader healthcare system.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, acted as Active Joint Bookrunner for VSP Optical Group’s $1 billion public bond issuance.

After completing their inaugural bond offering in November 2025, VSP announced a second offering in May. Over a one-day marketing period and utilizing a pre-recorded presentation, the company garnered over $7.6 billion of orders and priced $500 million of seven-year and $500 million of 10-year Senior Unsecured Notes with no new issue concession. Proceeds were used to refinance existing indebtedness and fund general corporate purposes.

KeyBanc Capital Markets serves as Left Lead Arranger and Administrative Agent on VSP’s existing credit facilities and KBCM and Bank of America acted as joint leads on both the 2025 and 2026 bond offerings.

VSP is a doctor-governed, not-for-profit entity that creates value for members and opportunities for its network doctors. The company’s network has serviced over 91 million members and 1,200 retail locations. VSP’s three-pillar strategy focuses on growing its core competencies, which encompasses insurance, network, and supply chain capabilities, providing access to high-quality vision care and eyewear.  

On May 29, 2026, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $200 million of Senior Secured Credit Facilities (the Credit Facilities) consisting of a $150 million Revolving Credit Facility and a $50 million Term Loan for SeatGeek, Inc. (SeatGeek or the Company). Proceeds from the Credit Facilities will be used to refinance the Company’s existing debt, fund working capital and support general corporate purposes. 

KBCM acted as Left Lead Arranger, Joint Bookrunner, and Administrative Agent on the transaction due to its long-running strategic dialogue with the Company and best-in-class Technology Investment Banking and Debt Capital Markets capabilities. The transaction represents SeatGeek’s debut in the syndicated loan market. SeatGeek is backed by leading growth investors, including Accel, TCV, and Wellington.

“We’re pleased to partner with KBCM on this facility,” says Teddy Collins, Executive Vice President, Finance at SeatGeek. “The financing enhances our flexibility as we continue investing in our platform, supporting our partners and executing on our long-term growth strategy. It also reflects the confidence our banking partners have in the strength of our business and future opportunities.”

SeatGeek is a technology platform powering the business of live events for fans, teams, leagues and venues. The Company’s integrated platform combines enterprise ticketing technology, venue operations software and a consumer marketplace to help partners grow revenue, deepen fan relationships and deliver better live experiences. Trusted by leading teams, leagues and venues across North America, SeatGeek continues to expand its role across the live event ecosystem through innovative technology and fan-first experiences.

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 27, 2026, KeyBanc Capital Markets served as Co-Manager on National Fuel Gas Company’s offering of $500 million of Senior Notes due 2029, $500 million of Senior Notes due 2031 and $500 million of Senior Notes due 2036. Proceeds will be used to fund the acquisition of CNP Ohio, CenterPoint Energy Resources Corp.’s Ohio gas utility subsidiary, and for general corporate purposes.

KeyBank closed a $24 million credit facility for Billion Dollar Podcast (doing business as Shared Practices Group, LLC) to support continued growth and operations. The facility includes a $15 million Term Loan, $3 million Delayed Draw Term Loan, $2 million Revolving Line of Credit and $4 million Equipment Finance Line. Full primacy, including deposits, merchant services, and payments advisory will also be provided.

KeyBank worked very closely with BT Capital Group, LLC, led by Bagus Tjahjono Pan, on the transaction. BT Capital was instrumental and provided vital guidance to execute the new credit facility.

Shared Practices Group (SPG) is a rapidly growing Dental Services Organization (DSO) founded in 2021 by six dentists who combined their existing practices to form a scaled platform. SPG operates multi-location denture and implants offices and dental practices that provide a full range of dental services. The company also provides dental practice managing and coaching services. SPG is headquartered in Scottsdale, Arizona, and has locations across 25 states.

On May 26, 2026, KeyBanc Capital Markets served as Co-Manager on a $500 million Senior Notes offering for PBF Energy Inc. Proceeds will be used to refinance existing indebtedness and for general corporate purposes.

KeyBank successfully closed a line of credit for Flatiron Search Partners, LLC. Proceeds from the facility will be used to support growth capital. Key acted as Sole Lender on the transaction and provided full primacy. 

Flatiron Search Partners is a consumer-focused executive search and talent advisory firm that partners with private equity-backed and growth-stage companies to build leadership and functional teams across all stages of growth. The firm operates as a long-term partner to its clients, supporting talent strategy across executive and critical non-executive roles.

On May 7, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $1 billion Senior Notes offering for Harvest Midstream I, L.P. Proceeds will be used to refinance existing indebtedness and for general corporate purposes.

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.