Diversified Industries

On January 7, 2026, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $1.5 billion Senior Secured Credit Facilities (the Facilities), consisting of a $500 million Revolving Credit Facility and a $1 billion Term Loan A for Atmus Filtration Technologies, Inc. (Atmus or the Company). Proceeds from the transaction were used to finance the acquisition of Koch Filter Corporation (Koch Filter), which closed concurrently with the Facilities, and refinance their existing $1 billion Senior Secured Credit Facilities. KBCM acted as Joint Lead Arranger on the transaction.

Headquartered in Nashville, Tennessee, Atmus is one of the global leaders of filtration products for on-highway commercial vehicles and off-highway agriculture, construction, mining, and power generation vehicles and equipment. The Company designs and manufactures advanced filtration products, principally under the Fleetguard brand, that enable lower emissions and provide superior asset protection. Atmus has long-standing and deep-seated relationships with blue-chip OEMs across the globe. Atmus was formerly known as Cummins Filtration and, prior to their 2023 IPO, was a subsidiary of Cummins Inc. (NYSE:CMI).

Headquartered in Louisville, Kentucky, Koch Filter is an independent, pure-play industrial air filtration platform offering diverse applications across commercial and industrial HVAC, data centers, power generation, healthcare, and e-commerce end markets. With 500+ professionals across four sites, Koch Filter offers a broad, highly consumable, portfolio of air filtration solutions.

In January 2026, KeyBanc Capital Markets (KBCM) acted as Joint Bookrunner on Six Flags Entertainment Corporation’s (Six Flags or the Company) $1 billion Senior Notes (the Notes) offering. Proceeds from the Notes will be used to repay the existing 5.375% Senior Notes due 2027 and 5.50% Senior Notes due 2027, and to pay related fees and expenses.

Six Flags is a leading operator of regional amusement parks and water parks in North America, offering family-oriented entertainment experiences across 26 amusement parks, 15 separately gated water parks, and nine resort properties. The Company’s parks feature a mix of state-of-the-art thrill rides, water attractions, themed areas, live entertainment, dining, and retail venues, serving major metropolitan markets including each of the top 10 U.S. designated market areas.

On November 3, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $375 million Senior Secured Delayed Draw Term Loan A Facility (the DDTLA) for MasterBrand, Inc. (MasterBrand or the Company) in support of MasterBrand’s combination with American Woodmark Corporation (American Woodmark) via an all-stock merger. Proceeds from the DDTLA will be used to repay outstanding debt of American Woodmark and pay related fees and expenses. KBCM served as Joint Lead Arranger, Joint Bookrunner & Co-Syndication Agent on the transaction.

MasterBrand is the largest residential cabinet manufacturer in North America. MasterBrand's products are sold primarily throughout the United States and Canada to remodeling and new construction markets through three primary channels: Dealers, Retailers/Home Centers, and Builders. The Company offers a comprehensive portfolio of leading residential cabinetry products that range in price points and styles, from premium made-to-order to stock cabinets.

On August 6, 2025, MasterBrand and American Woodmark announced that they will combine via an all-stock merger. American Woodmark is a U.S. based pure play cabinet manufacturer with a unique direct service model to production builders. The combined Company will have a pro forma equity value of $2.5 billion and an enterprise value of $3.6 billion based on the exchange ratio and closing share price as of August 5, 2025. The transaction enhances the industry’s most diversified portfolio of world-class brands and products covering the full price spectrum, along with strengthening channel partnerships, expanding geographic reach, and broadening dealer and distribution networks of both companies.

On October 14, 2025, KeyBanc Capital Markets (KBCM) successfully closed $120.3 million of Senior Secured Credit Facilities (the Credit Facilities) for a.k.a. Brands Midco Holding Corp. (AKA or the Company), a portfolio company of Summit Partners (Summit). The Credit Facilities consist of a $35.3 million Revolving Credit Facility and $85 million Term Loan. Proceeds from the Credit Facilities will be used to refinance existing indebtedness, support ongoing working capital needs, and for general corporate purposes. KBCM served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent on the transaction. 

Headquartered in San Francisco, California, AKA is a diversified, next-generation portfolio of global fashion brands: Princess Polly, Culture Kings, Petal and Pup and mnml. The brands are underpinned by a unique ‘test and repeat’ merchandising model that introduces new fashion weekly and aligns product offerings with the latest trends based on data-driven insights. The Company has effectively engaged customers across direct-to-consumer, physical retail, and wholesale channels. Through its four brands, the Company targets Millennial and Gen Z consumers, which represent ~22% of the U.S. population.

Founded in 1984 and headquartered in Boston, Massachusetts, Summit Partners is a leading growth-focused alternative investment firm. Since inception, Summit has invested over $32 billion across 550+ growth products and services, healthcare and life sciences, and technology companies. AKA was acquired by Summit in 2018 and went public on the NYSE in 2021, with Summit retaining a majority ownership of the platform.

In October 2025, KeyBanc Capital Markets (KBCM) successfully closed on $300 million 4.300% Senior Notes due 2030 for Ryder System, Inc. (Ryder or the Company).  KBCM acted as Co-Manager on the transaction.

Ryder is a global leader in transportation and supply chain management solutions. Ryder’s Fleet Management Solutions provide full-service leasing with flexible maintenance options. The Company’s Dedicated Transportation Solutions provide vehicles and drivers. Ryder’s Supply Chain Solutions provide distribution and transportation services across North America and Singapore.

On September 30, 2025, KeyBanc Capital Markets acted as Co-Manager on a $286.35 million Follow-On Offering for AAR Corp. (AAR or the Company).

AAR is a leading independent provider of solutions to the global aviation aftermarket. The Company offers a broad line of products and services to commercial and defense aerospace customers. AAR operates globally in over 20 countries through four business segments: Parts Supply, Repair & Engineering, Integrated Solutions and Expeditionary Services. For the year ended May 31, 2025, the Company generated sales of $2.8 billion. For the quarter ended August 31, 2025, the Company generated sales of $739.6 million. AAR was founded in 1951, is based in Wood Dale, Illinois and as of May 31, 2025 employed approximately 5,600 employees worldwide.

In September 2025, KeyBanc Capital Markets (KBCM) successfully closed on $750 million Senior Notes due 2034 for TopBuild Corp. (TopBuild or the Company).  KBCM acted as Co-Manager on the transaction.

Headquartered in Daytona Beach, Florida, TopBuild is a leading installer of insulation and commercial roofing and a specialty distributor of insulation and related building material products to the construction industry in the United States and Canada.

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.

On June 27, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $500 million Incremental Term Loan B for Six Flags Entertainment Corporation (Six Flags or the Company). The incremental facility is fungible with the Company’s existing $995 million Term Loan B. Proceeds will be used to pay down the Company’s Senior Secured Notes due in 2025 and pay down a portion of outstanding Revolver borrowings. 

KBCM was selected to act as Joint Lead Arranger and Joint Bookrunner on the transaction due to KBCM’s long-standing relationship with the Company and robust Debt Capital Markets capabilities.

Cedar Fair and Six Flags completed their merger on July 1, 2024, creating the largest and most diverse regional amusement park operator in North America. The combined company now operates under the Six Flags name and trades under the ticker symbol FUN on the NYSE. Six Flags Entertainment Corporation includes a portfolio of 27 amusement parks, 15 water parks, and nine resort properties across 17 states in the U.S., Canada, and Mexico.

In April 2025, KeyBanc Capital Markets (KBCM) successfully closed on $300 million in Senior Notes due in 2030 for Ryder System, Inc. (Ryder or the Company). KBCM acted as Co-Manager on the transaction.

Ryder is a global leader in transportation and supply chain management solutions. Ryder’s Fleet Management Solutions provide full-service leasing with flexible maintenance options, and its Dedicated Transportation Solutions provide vehicles and drivers. The Company’s Supply Chain Solutions provide distribution and transportation services across North America and Singapore.

In April 2025, KeyBanc Capital Markets (KBCM) successfully closed on $400 million in Senior Notes due in 2028 for Cintas Corporation (Cintas). KBCM acted as Active Joint Bookrunner on the transaction.

Cintas, founded in 1968, provides products and services that help keep customers’ facilities and employees clean, safe, and looking their best. These products and services include uniforms, floor care, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety compliance training.

In February 2025, KeyBanc Capital Markets (KBCM) successfully closed on $300 million in Senior Notes due in 2030 for Ryder System, Inc. (Ryder or the Company). KBCM acted as Co-Manager on the transaction.

Ryder is a global leader in transportation and supply chain management solutions. Ryder’s Fleet Management Solutions provide full-service leasing with flexible maintenance options, and its Dedicated Transportation Solutions provide vehicles and drivers. The Company’s Supply Chain Solutions provide distribution and transportation services across North America and Singapore.