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

July 2022

 

$280 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

Debt Capital Markets

intralot-inc-
July 2022

Lofts on Main

$14.3 Million

Adaptive Reuse and New Construction

Construction

lofts-on-main
June 2022

 

$126.9 Million

Educational Facilities Revenue Bonds

Sole Manager

Debt Capital Markets

depauw-university
June 2022

has been acquired by

 

$30 Million

Asset-Based Revolving Credit Facility

Administrative Agent
Sole Lender

Debt Capital Markets

kksp-precision-machining-llc
June 2022


Series D Funding

led by

Morgan Stanley Expansion Capital

$140 Million

Exclusive Financial Advisor

Mergers & Acquisitions

platform-sh
June 2022

Darby Crossing

$74 Million

Construction and Private Placement Loan

Construction
Private Placement

darby-crossing
June 2022

the parent company of

AEP Transmission Company, LLC

$550 Million

Senior Notes

Joint Bookrunner

Debt Capital Markets

aep-transmission-company,-llc
May 2022

has received a strategic investment from

 

Exclusive Financial Advisor

Mergers & Acquisitions

valta-energy
May 2022

 

a portfolio company of

has been acquired by

 

Exclusive Sell-Side Advisor

Mergers & Acquisitions

thermogenics-inc-
May 2022

 

Tiburon Place

$53 Million

4% bond LIHTC and State Housing Equity

Construction

tiburon-place
May 2022

 

$500 Million

Senior Secured Credit Facility

Joint Bookrunner
Joint Lead Arranger

Debt Capital Markets

delaware-basin-resources-llc
May 2022

 

Cheshire Station

 

$17.6 Million

Acquisition

Lender

CMBS

cheshire-station
May 2022

ACG Portfolio-Oakland Glen MHC

ACG Portfolio-Clayton Acres MHC

$59.5 Million

Refinance

Lender

Fannie Mae

acg-portfolio
May 2022

 

Stonetown - North Pines

Stonetown - Country Meadows

$82 Million

Acquisition

Lender

Fannie Mae

stonetown-trinity-portfolio
May 2022

Sawgrass Point

$28.5 Million

Refinance

Lender

Fannie Mae

sawgrass-point
May 2022

 

Floorplan Inventory Financing and Commercial Real Estate Lending

Lender

Mergers & Acquisitions

great-falls-subaru
May 2022

a portfolio company of

has acquired

 

$545 Million

Senior Secured Credit Facilities

Administrative Agent
Joint Bookrunner
Left Lead Arranger

Debt Capital Markets

congruex-group-llc
May 2022

 

$2.55 Billion

Senior Secured Credit Facilities

Co-Documentation Agent
Joint Lead Arranger

Debt Capital Markets

penn-national-gaming,-inc-
May 2022

 

$95 Million

Senior Secured Credit Facilities

Administrative Agent
Joint Lead Arranger
Sole Bookrunner

Debt Capital Markets

doyon-limited

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