North Slope Borough, Alaska

Overview

Size $90,465,000
General Obligation Bonds, Series 2021C (General Purpose)
Series 2021D (Schools)
Client & Transactional Partners North Slope Borough, Alaska
Our Role Sole Manager

Summary

On Wednesday, November 3, 2021, KeyBanc Capital Markets (KBCM) closed on the General Obligation Bonds, Series 2021C and Series 2021D (collectively, the “2021CD Bonds”), for the North Slope Borough, Alaska (the “Borough”). KBCM served as sole manager for both series of bonds, which totaled $90,465,000 in par. The proceeds from the 2021CD Bonds will be used primarily to finance the costs of acquisition, construction, and equipping of certain capital improvements for the Borough, specifically for education facilities in the case of the 2021D Bonds. The 2021CD Bonds carried ratings of AA from S&P, AA from Fitch, and AA+ from Kroll Bond Rating Agency.

The North Slope Borough encompasses an area of 94,887 square miles in northern Alaska (north of the Arctic Circle), constituting approximately 15% of the State of Alaska. It extends 650 miles from Point Hope on the Chukchi Sea to the Canadian border and 225 miles south from Point Barrow, the northernmost point in the State. Prudhoe Bay, among the largest oil fields in the United States and the site of extensive commercial oil and gas exploration and production, is in the northern portion of the Borough, as is the origination point of the 800-mile trans-Alaska pipeline system. As of January 15, 2021, the Borough’s total population was estimated to be 17,924. KBCM enjoys a strong relationship with the Borough, frequently meeting with Borough staff to provide financing ideas and market information. This is KBCM’s 15th sole-managed transaction for the Borough since 2010 and 2nd sole-managed transaction for the Borough in 2021. Despite challenging market conditions on the day of sale, the all-in true interest cost for the transaction ended below 1%.

Recent Deals

September 2022

$600 Million

Delayed Draw Term Loan

$700 Million

Bridge Revolver

Joint Lead Arranger
Joint Bookrunner

Debt Capital Markets

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September 2022

Welltower 

$750 Million

Unitranche Joint Venture

First mortgage financing available for seniors housing & skilled nursing facilities

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September 2022

Welltower 

$5.2 Billion

Senior Unsecured Credit Facility

Joint Lead Arranger
Administrative Agent

welltower
September 2022

OMNI

$27 Million

Vitalia Senior Residences, Ohio

Life Company

omni
August 2022

Ventana al Sur

$49.3 Million

New Construction of Seniors Housing

Construction

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August 2022

 

$1 Billion

Senior Secured Credit Facility

Joint Lead Arranger
Joint Bookrunner

Debt Capital Markets

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August 2022

Claysburg II Tower 

$21 Million

Private Placement Permanent Loan to finance acquisition and rehabilitation of Claysburg II Tower

Private Placement

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August 2022

Cadenza 

$28.5 Million

New construction of 160 affordable units

Bridge
Construction
Low Income Housing Tax Credits

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August 2022

 

$3 Billion

Senior Secured Credit Facility; Term Loan

Joint Lead Arranger
Joint Bookrunner
Documentation Agent

Debt Capital Markets

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August 2022


$124 Million

Senior Secured Credit Facilities

Coordinating Lead Arranger
Sole Bookrunner
Administrative Agent
Depository Bank
Collateral Agent
Issuing Bank

Debt Capital Markets

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August 2022

 

$1.5 Billion

Senior Secured Credit Facility

Administrative Agent
Coordinating Lead Arranger
Sole Bookrunner

Debt Capital Markets

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July 2022

 

$280 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

Debt Capital Markets

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July 2022

has acquired

 

$75.8 Million

Senior Secured Credit Facilities

Debt Advisor

Debt Capital Markets
Mergers & Acquisitions

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July 2022

Lofts on Main

$14.3 Million

Adaptive Reuse and New Construction

Construction

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July 2022

 

$10 Million

Senior Secured Credit Facilities

Sole Lender

rudis

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