Summit Utilities, Inc.

Overview

Deal Type Debt Capital Markets
Size $875 Million
Senior Secured Credit Facilities
$388 Million
Senior Secured Notes
Client & Transactional Partners Summit Utilities, Inc.
Our Role Administrative Agent
Lead Arranger
Sole Placement Agent

Summary

On January 10, 2022, KeyBanc Capital Markets (KBCM) successfully closed $875 million of Senior Secured Credit Facilities (the Credit Facilities), comprised of a $100 million Revolving Credit Facility, a $350 million Term Loan, and a $425 million 364 Day Term Loan, as well as $388 million of Senior Secured Notes (the Notes) for Summit Utilities, Inc., a portfolio company of JP Morgan Infrastructure Investments Fund (IIF). Proceeds from the Credit Facilities and the Notes were used to fund the acquisition of gas utility distribution businesses in Arkansas and Oklahoma from CenterPoint Energy, Inc. to pay transaction fees & expenses, and for working capital and general corporate purposes. KBCM acted as Sole Coordinating Lead Arranger on the Bridge, Coordinating Lead Arranger and Administrative Agent on the Credit Facilities, and Sole Placement Agent & Ratings Advisor on the Notes.

KBCM also acted as the Sole Underwriter on the $1.172 billion Bridge Loan supporting IIF’s acquisition commitment.

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