The Davey Tree Expert Company

Overview

Deal Type Debt Capital Markets
Size $325 Million
Senior Unsecured Credit Facility
Client & Transactional Partners The Davey Tree Expert Company
Our Role Sole Lead Arranger
Sole Bookrunner
Administrative Agent

Summary

On August 18, 2021, KeyBanc Capital Markets (“KBCM”) successfully closed a $325 Million Senior Unsecured Revolving Credit Facility ( "Facility") for The Davey Tree Expert Company (“Davey Tree” or the “Company”). Proceeds will be used to refinance existing indebtedness, for general corporate purposes, and to pay fees and expenses related to this transaction. KBCM acted as Sole Lead Arranger, Sole Bookrunner and Administrative Agent on the transaction.

The new Facility is an upsize of Davey Tree’s existing $250 million revolving credit facility and extends maturity to August 2026. KBCM leveraged the Company’s strong operating performance and existing banking relationships to obtain favorable terms that increase the Company’s financial and operating flexibility. KBCM has a long-standing relationship with Davey Tree and has executed several successful transactions for the Company.

Davey Tree, with operations throughout the United States and five provinces in Canada, provides a variety of tree care, grounds maintenance and consulting services for the residential, utility, commercial and government markets. Founded in 1880, Davey is employee-owned and has more than 11,000 employees who provide “Proven Solutions for a Growing World”.

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