US Fertility completes Senior Debt Refinancing

On April 14, 2026, KeyBanc Capital Markets and Key Government Finance successfully closed $80 million of Senior Secured Credit Facilities for Redding Rancheria. The proceeds, in conjunction with equity contributions, will support the construction and development of the new Redding Rancheria Health Village.

This transaction represents Key’s second financing for Redding Rancheria and the second financing for the Native American Financial Services team secured solely by healthcare revenues. Key was selected to serve as Sole Lender and Structuring Agent due to its extensive experience financing Native American construction projects and deep-rooted relationship with Redding Rancheria.

Redding Rancheria
Redding Rancheria is a federally recognized Tribe with Pit River, Wintu and Yana people and an established leader in the constructive development of its people, the larger Indian community and the Redding Region. Redding prides itself on tribal culture, history and identity by investing in its youth and adults to create a future with the strength of the ancestral lineage. Redding’s government and reservation is in the southwest area of Redding, California, where it operates various governmental services and provides healthcare to over 12,000 Native and non-Native citizens.

Redding Rancheria Health Village
In 1991, Redding operated a small facility to provide medical, behavioral and dental health services to Native Americans, which expanded into the 12,000-square-foot Churn Creek Road Facility. In 2012, Redding acquired their 33,000-square-foot Liberty Street Facility and expanded the operation of each program, and in 2022, constructed the 18,000-square-foot Trinity Health Center. In 2024, Redding opened its Center for Advanced Care, broadening access to specialty-driven services for its expanding patient base.

The Redding Rancheria Health System has evolved and expanded over the course of three decades to service both Native and non-Native populations, with a focus on the large and underserved Medicare and Medi-Cal population. The new visionary Health Village, opening in early 2027, will span 185,000 square feet and provide comprehensive, culturally centered health care, with a focus on holistic wellness. Eleven primary care providers and seven medical specialists will serve over 22,000 patients and enhance health and wellness care for the region.

On April 13, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $600 million Senior Notes offering for Caturus Energy, LLC. Proceeds will be used to partially fund the acquisition of Galvan Ranch assets from SM Energy Company and for general corporate purposes.

KeyBank successfully closed a $25 million Term Loan and $5 million Revolving Line of Credit for Moosilauke Visions, Inc. and its subsidiaries. Proceeds from the facilities were used for the acquisition of five behavioral health programs across the Western and Southeastern U.S. and to support ongoing working capital needs of the borrowing group. Key acted as Sole Lender on the transaction. Full primacy, including operating deposits and core payments, was also provided. 

Moosilauke Visions, Inc. (MVI) is a Maine‑based 501(c)(3) nonprofit that serves as a strategic parent and shared‑services platform for a portfolio of mission‑driven organizations across human services, behavioral health, education, wellness, and related community‑based sectors, providing centralized financial, operational, and governance support while enabling independent operations and sustainable growth.

Cain Brothers, a division of KeyBanc Capital Markets, acted as Exclusive Financial Advisor to Blue Cross and Blue Shield of Kansas City on its affiliation with Highmark, Inc.

Blue KC engaged Cain Brothers to identify a partner to help achieve efficiencies, add new capabilities and drive more affordable health care. Blue KC will maintain its local leadership, brand and commitment to accessible, affordable health care, while gaining access to Highmark’s scale, diversified businesses and leading technology capabilities. Cain Brothers is the leading advisor to Blue Cross and Blue Shield plans and this represents another significant affiliation within the sector.

Serving members since 1938, Blue Cross and Blue Shield of Kansas City is the largest not-for-profit health insurer in Missouri and the only not-for-profit commercial health insurer in Kansas City. Blue KC provides coverage to more than one million residents in the greater Kansas City area, with a mission to provide affordable access to healthcare and to improve the health of its members.

An independent licensee, Highmark, together with its affiliates, is the fifth-largest Blue Cross Blue Shield-affiliated organization in the country, with more than seven million members in Pennsylvania, Delaware, West Virginia and western and northeastern New York. Its diversified businesses serve group customer and individual needs across the U.S.

On March 30, 2026, KeyBanc Capital Markets served as Joint Bookrunner on Forgent Power Solutions, Inc.’s (Forgent) $1 billion Follow-On Offering of 34,500,000 shares, including overallotment.

Forgent is a provider of engineered protection and control equipment used in data centers, the power grid, and energy-intensive industrial facilities. Major product categories of electrical distribution equipment that Forgent sells include electrical houses, substation enclosures, generator connection cabinets, power skids, automatic transfer switches, dry type transformers, remote power panels, switchboards, and switchgear.

On March 26, 2026, KeyBanc Capital Markets (KBCM) successfully advised Terminus Capital Partners (TCP), a growth-oriented private equity firm focused on B2B software companies, on its majority investment in Andesa Services (Andesa), a leading provider of software solutions supporting policy lifecycle administration of insurance and annuity products in the Advanced Markets space. KBCM was retained as the Exclusive Buy-Side Advisor due to its strong M&A capabilities, as well as its close relationship with TCP, and deep domain expertise in Insurance Technology.

Andesa Services is a leading provider of policy and plan administration solutions in the Advanced Markets space, including policy transaction management and NQDC recordkeeping. These solutions simplify the ongoing administration of complex life insurance and annuity products in BOLI, COLI, ICOLI, and Private Placement. By utilizing market and product expertise, configurable capabilities for complex products, and security and reliability at scale, Andesa improves speed to market and empowers carriers and brokers to serve high-value markets confidently. 

Terminus Capital Partners is a private equity firm focused on business software companies, founded in 2017 and based in Atlanta. Differentiated by its industry expertise, sourcing engine, operations approach, and buy-and-build methodology, TCP strives to be the premier partner for capital providers, bankers, and management teams in the enterprise software sector.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to DME Express, a portfolio company of WayPoint Capital Partners, in its sale to Palladium Equity Partners.

Cain Brothers was engaged based on its extensive experience and expertise in the hospice and durable medical equipment sectors as well as broader post-acute services. The transaction continues Cain Brothers’ strong track record of representing private equity-backed companies and continued momentum in healthcare services M&A.

DME Express provides durable medical equipment to hospice providers across the U.S. With over 150 years of experience, the founders and management team understand the unique needs of hospices and nursing facilities and DME Express is a leading provider in each of its markets. The company is committed to consistent availability to patients and providers with high-quality medical equipment, proprietary technology and strong customer service.

WayPoint Capital Partners, founded in 2004, is a growth-oriented lower middle market private equity firm making control investments in exceptional founder and family-led companies across healthcare services and industrials. WayPoint brings strategic guidance, operational support, and long-term patient capital to help its businesses scale and thrive.

With over $3 billion in assets under management, Palladium seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital and strategic guidance. Since its founding in 1997, Palladium has invested in more than 240 companies. Palladium’s partners have experience in consumer, services, industrials, and healthcare sectors, with a focus on companies that will benefit from the growth in the U.S. Hispanic population.

On March 20, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed on $146 million of Senior Secured Credit Facilities supporting TigerGenCo’s utility-scale energy storage project, Bayonne Energy Center III. The Facilities include a $48.5 million construction-to-term loan, a $82.7 million tax credit bridge loan, and $14.8 million in letters of credit. Proceeds will be used to fund the project’s construction. KBCM acted as Coordinating Lead Arranger and Administrative Agent.

Bayonne Energy Center III is a 50 MWAC/200 MWh battery energy storage project located in Hudson County, New Jersey. The Project has an executed power purchase agreement with ConEd to sell 100% of power and ancillary service credits. It will utilize Tesla MegaPack equipment and complement the existing natural gas plant co-located at the site. Operations are expected to begin in Q3 2027. 

This marks the third transaction between Morgan Stanley Infrastructure Partners and KBCM.

About TigerGenCo
TigerGenCo is an independent power producer that develops, owns, and operates natural gas and battery energy storage systems as a portfolio company of Morgan Stanley Infrastructure Partners (MSIP). MSIP's investment in TigerGenCo spans across Bayonne Energy Center project phases, which are key components of the energy infrastructure in New Jersey and New York City.

The current Bayonne Energy Center III is a 644 MW dual-fuel generating facility situated in Bayonne, New Jersey that is a best-in-class provider of capacity, energy and ancillary services, including critical grid reliability to NYISO, supporting renewable growth through its 10-minute start-up time. TigerGenCo is constructing one of the first utility-scale battery storage projects to serve NYISO Zone J (New York City).

On March 20, 2026, KeyBanc Capital Markets (KBCM) successfully advised ADB Companies, LLC (ADB or the Company), a portfolio company of Warren Equity Partners (WEP or the Sponsor), on an undisclosed amount in Senior Secured Credit Facilities (the Credit Facilities). Proceeds will be used to repay existing indebtedness, support ongoing working capital, and pay transaction-related fees & expenses. KBCM was chosen to serve as Exclusive Debt Advisor due to our strong relationship with the Sponsor and Company, leading leveraged finance capabilities, and industry expertise.

ADB is a leading turnkey provider of underground and aerial infrastructure services for the digital infrastructure, data center, and power sectors. The Company specializes in designing, installing, and maintaining fiber-optic networks, wireless cell towers, electrical power lines, and data hardware, delivering comprehensive solutions across wireline, wireless, technology, and engineering segments. ADB operates 35 locations across 17 states, offering a nationwide presence for its suite of capabilities.

Warren Equity Partners is a private equity firm investing in companies that provide mission-critical products and services into infrastructure end markets. Target sectors include power & utilities, waste, water & wastewater, digital infrastructure, transportation, buildings & facilities, and environmental, health & safety. WEP drives business improvement and value creation initiatives with a dedicated operations team whose domain knowledge and deep experience help management teams transform their businesses into leading enterprises.

On March 20, 2026, KeyBanc Capital Markets (KBCM) successfully advised LTi Technology Solutions, Inc. (LTi or the Company), a leading provider of equipment finance leasing and lending lifecycle management technology, on its sale to Diversis Capital, L.P. (Diversis). KBCM was retained as the Exclusive Sell-Side Advisor due to its long-standing and trusted relationship with the Company’s founders and management team, deep sector expertise in lending technology, and access across the vast investor ecosystem.

Founded in 1989, LTi is a provider of lease and loan finance software for the equipment finance industry. LTi’s ASPIRE platform is a comprehensive, highly configurable lifecycle management system used by banks, captives, and independents across North America and the U.K. With more than $180 billion in assets under management on its platform and a client base that includes 40% of the Monitor 100, the Company is one of the most trusted and widely adopted technology platforms in equipment finance. LTi is headquartered in Omaha, Nebraska.

Diversis is a software- and technology-focused private equity fund that invests in lower middle-market companies, targeting situations where it can add unique value in helping a company reach the next level. With a collaborative approach to investing, its Operating Partners work alongside management teams to help build successful organizations positioned for long-term growth. Founded in 2013, with offices in Los Angeles, California, the firm is investing its third fund.

On March 17, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $550 million Senior Notes offering for Infinity Natural Resources, Inc. Proceeds will be used to repay existing indebtedness associated with the acquisition of Utica Shale assets from Antero Resources Corporation and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as advisor to SuperCare Health in its sale to Excellere Partners and KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent for debt financing associated with the transaction. 

Cain Brothers was engaged based on our long-standing relationship with the Company as well as knowledge of the durable medical and home medical equipment market and connectivity with buyers who would value SuperCare’s capitated and fee-for-service business model. Concurrently, KBCM syndicated Senior Secured Credit Facilities, proceeds of which were used to fund the acquisition, support capital expenditures and for general corporate purposes. 

Founded in 1974 and headquartered in City of Industry, California, SuperCare is a provider of comprehensive complex respiratory care management solutions for adults and children. Its product portfolio consists of ventilators, airway oscillation, CPAP, BiPAP, oxygen concentrators, respiratory medication and home medical equipment. The Company’s business segments are Complex Respiratory Care, Pediatric Respirator Care, and Value-Based Care. SuperCare operates 27 branches across five states and serves 150,000+ patients annually. 

Founded in 2006 and based in Denver, Colorado, Excellere is a private equity investment firm focused on investing in the Healthcare, Business Services, and Industrials industries. The Sponsor has ~$2.2 billion of assets under management and has raised four funds to date, with its latest fund (Excellere Capital Fund IV) raising $875 million of committed capital.

Cain Brothers, a division of KeyBanc Capital Markets, served as advisor to SuperCare Health in its sale to Excellere Partners and KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent for debt financing associated with the transaction. 

Cain Brothers was engaged based on our long-standing relationship with the Company as well as knowledge of the durable medical and home medical equipment market and connectivity with buyers who would value SuperCare’s capitated and fee-for-service business model. Concurrently, KBCM syndicated Senior Secured Credit Facilities, proceeds of which were used to fund the acquisition, support capital expenditures and for general corporate purposes. 

Founded in 1974 and headquartered in City of Industry, California, SuperCare is a provider of comprehensive complex respiratory care management solutions for adults and children. Its product portfolio consists of ventilators, airway oscillation, CPAP, BiPAP, oxygen concentrators, respiratory medication and home medical equipment. The Company’s business segments are Complex Respiratory Care, Pediatric Respirator Care, and Value-Based Care. SuperCare operates 27 branches across five states and serves 150,000+ patients annually. 

Founded in 2006 and based in Denver, Colorado, Excellere is a private equity investment firm focused on investing in the Healthcare, Business Services, and Industrials industries. The Sponsor has ~$2.2 billion of assets under management and has raised four funds to date, with its latest fund (Excellere Capital Fund IV) raising $875 million of committed capital.

On March 11, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $350 million Add-On Senior Notes offering for California Resources Corporation. Proceeds will be used to refinance existing indebtedness.

On March 11, 2026, Sonida Senior Living, Inc. (Sonida), one of the largest, pure-play owner-operators and investors in U.S. senior living communities, announced the completion of its merger with CNL Healthcare Properties, Inc. (CHP), a real estate investment trust that owns a national portfolio of high-quality senior housing properties. Sonida acquired 100% of CHP in a cash and stock transaction valued at approximately $1.8 billion. The common stock of the combined company will trade under Sonida's existing ticker symbol “SNDA” on the NYSE. KeyBanc Capital Markets served as Exclusive Sell-Side Advisor to CHP. 

CNL Healthcare Properties is a real estate investment trust focused on institutional-quality senior housing holdings, including stabilized, value-add and ground-up development assets. 

Sonida Senior Living is one of the largest, pure-play owner-operators and investors in U.S. senior living communities, with a focus on independent living, assisted living and memory care communities and services for senior adults. Sonida provides compassionate, resident-centric services and care as well as engaging programming at its senior housing communities.

In March 2026, KeyBanc Capital Markets acted as Active Joint Bookrunner on $1.2 billion of First Mortgage Bonds due 2036 and 2056 for Northern States Power Company Minnesota (“NSPM” or the “Company”). 

NSPM is an operating utility engaged primarily in the generation, purchase, transmission, distribution and sale of electricity in Minnesota, North Dakota, and South Dakota. As of December 31, 2025, the Company provided electric service to approximately 1.6 million customers and natural gas service to 0.6 million customers.

NSPM priced $1.2 billion of First Mortgage Bonds in two tranches:

• $600 million of First Mortgage Bonds due 2036 at a spread of T+75 bps for a coupon of 4.85%
• $600 million of First Mortgage Bonds due 2056 at a spread of T+85 bps for a coupon of 5.55%

The deal was very well received by the market, pricing with a negative new issue concession on both tranches and a 6.2x orderbook oversubscription overall.

The Company intends to use the net proceeds to repay short-term borrowings and for general corporate purposes.

NSPM is an existing client of Key.

On March 4, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $1 billion Senior Notes offering for SM Energy Company. Proceeds will be used to refinance existing indebtedness associated with its merger with Civitas and for general corporate purposes.

On March 4, 2026, KeyBanc Capital Markets (KBCM) advised Pacific Avenue Capital Partners, LLC (Pacific Avenue) on its acquisition of Stuart Rush (the Company), formerly known as the Power Chain Hoist & Chain Manufacturing business of Columbus McKinnon Corporation. KBCM was selected to serve as Exclusive Buy-Side Advisor based on its industry-leading Diversified Industrials & Manufacturing investment banking practice, long-standing relationship with Pacific Avenue and deep sector expertise.

Pacific Avenue Capital Partners is a global private equity firm, headquartered in Los Angeles with an office in Paris, France. The firm is focused on corporate divestitures and other complex situations in the middle market. Pacific Avenue has extensive M&A and operations experience, allowing the firm to navigate complex transactions and unlock value through operational improvement, capital investment and accelerated growth. Pacific Avenue takes a collaborative approach in partnering with strong management teams to drive lasting and strategic change while assisting businesses in reaching their full potential. Pacific Avenue has more than $3.7 billion of Assets Under Management (AUM) as of December 31, 2025. The members of the Pacific Avenue team have closed over 120 transactions, including over 50 corporate divestitures, across a multitude of industries throughout their combined careers. For more information, please visit www.pacificavenuecapital.com.

Stuart Rush is a leading designer and manufacturer of electric, air, battery-powered, and manual chain hoists, trolleys and related aftermarket parts and components. The Company encompasses a portfolio of highly regarded brands including Lodestar^® and Lodestar ET^™, Budgit^®, Chester^®, Coffing^®, Cyclone^®, CM Puller^®, Powerstar^®, Prostar^®, Valustar^®, Shopstar^®, ShopAir^™ and the innovative BatteryStar^®, with strong positions across industrial, construction, defense and entertainment end markets. The Company operates a primary manufacturing and engineering facility in Damascus, Virginia, a vertically integrated chain manufacturing facility in Lexington, Tennessee, a leased training and production facility in Rock Lititz, Tennessee and will be opening a new facility near Chester in the U.K.

Columbus McKinnon (NASDAQ:CMCO) is a global designer and manufacturer of intelligent motion solutions that efficiently, safely and ergonomically move, lift, position and secure materials across commercial and industrial applications. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations and digital power & motion control systems.

On March 3, 2026, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $70 million Senior Secured Credit Facilities (the Credit Facilities) for BMM Testlabs (BMM or the Company). The Credit Facilities are comprised of a $20 million Revolving Credit Facility and a $50 million Term Loan A. Proceeds from the Credit Facilities will be used to fund The Visualize Group’s acquisition of the Company, for working capital needs and general corporate purposes, and to pay transaction fees and expenses. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

BMM is the longest-established and most experienced private independent gaming certification lab in the world, with an unbroken 45-year track record of service to the global regulated gaming industry since 1981. BMM has successfully tested and certified the full scope of gaming products, including Class III, Class II, VLT, AWP, HHR, iGaming, sports betting, social, pari-mutuel, and lottery products. The Company employs more than 700 professionals in 16 offices worldwide and holds more than 700 licenses to serve customers across six continents. BMM’s world headquarters are in Las Vegas (USA), with offices in Argentina, Australia (Melbourne and Sydney), Brazil, Canada, India, Italy, Macau, Romania, Peru, Poland, Singapore, Slovenia, South Africa, and Spain.

Founded in 2023, The Visualize Group is a New York City-based private equity firm focused on making concentrated and high-conviction investments in companies operating within mission-critical, services-based sectors. Through its Cornerstone & Control strategy, the firm invests in generationally enduring businesses as a collaborative partner in public companies and a controlling partner in private companies.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Healthcare Linen Services Group, a portfolio of York Capital Management, in its sale to The Sterling Group.

Cain Brothers was engaged based on our extensive knowledge of the healthcare and hospital end market and connectivity with buyers who would value HLSG’s infrastructure-oriented service model. This transaction continues Cain Brothers’ strong track record of representing healthcare distribution and logistics solutions. Terms were not disclosed.

Healthcare Linen Services Group is a leading provider of linen services to healthcare facilities, specializing in delivering high-quality linens and unparalleled customer service. With a commitment to excellence and innovation, HLSG serves healthcare organizations across the Midwest and Southcentral market, supporting their critical operations and patient care. 

York Private Equity, the private investing arm of York Capital Management, primarily targets control investments in middle-market businesses. Since inception in 2008, York Private Equity’s middle-market strategy has completed over 50 investments with aggregate transaction value in excess of $4 billion. York Private Equity has 13 dedicated team members. 

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values at initial formation range from $100 million to $1 billion. Sterling has sponsored the buyout of 77 platform companies and numerous add-on acquisitions for a total transaction value of over $27 billion. Sterling currently has approximately $9 billion of assets under management. 

On February 26, 2026, KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on a $1 billion Senior Secured Revolving Credit Facility for Peoria Resources, LLC (Peoria). Peoria is a subsidiary of JAPEX (U.S.) Corporation. Proceeds will be used to fund the acquisition of DJ Basin assets from Verdad Resources Holdings LLC and for general corporate purposes.

On February 26, 2026, KeyBanc Capital Markets served as Active Joint Bookrunner on a $750 million Senior Notes offering for Matador Resources Company. Proceeds will be used to repay existing indebtedness, and for general corporate purposes.

On February 23, 2026, KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on a $1.5 billion Senior Secured Revolving Credit Facility for Infinity Natural Resources, Inc. Proceeds will be used to fund the acquisition of Utica Shale assets from Antero Resources Corporation and for general corporate purposes.

On February 23, 2026, KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on a $1 billion Senior Secured Revolving Credit Facility for Crescent Royalty Finance LLC (Crescent Royalties). Crescent Royalties is a subsidiary of Crescent Energy Company. Proceeds will be used for general corporate purposes.

On February 18, 2026, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $350 million of Senior Secured Credit Facilities, comprised of a $288 million Revolving Credit Facility and $62 million Cinderella Term Loan, for Morongo Band of Mission Indians. Proceeds from the Credit Facilities were used to refinance outstanding Taxable and Tax-Exempt Bonds and Notes and pay transaction-related fees. KBCM acted as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent.

This financing represents KBCM’s fourth transaction for Morongo since 2004 and our first syndicated execution for the Tribe. KBCM was selected to arrange the financing due to our Native American Financial Services industry expertise, debt capital markets capabilities, and tenured relationship with the Tribe.

About Morongo Band of Mission Indians
The 36,000-acre Morongo Indian Reservation is home to the more than 1,000 members of the resilient Morongo Band of Mission Indians. As a sovereign nation, the Morongo Tribe has overcome decades of adversity to become a model of self-reliance and self-determination. As the region’s largest employer, the Tribe generates over $3 billion in regional economic activity across a diverse portfolio of business enterprises.

About Morongo Casino Resort & Spa
Owned and operated by the Morongo Band of Mission Indians, the AAA-Four Diamond Morongo Casino Resort & Spa is one of the largest tribal gaming centers in the United States, with a gaming floor spanning 286,000 sq. feet that includes nearly 3,900 slot machines, over 70 table games, and two high-limit gaming salons. The towering 27-story resort features 310 rooms and suites, 15 top-rated restaurants, a stunning swimming pool with private cabanas, a world-class spa, and, nearby, the 36-hole championship Morongo Golf Club at Tukwet Canyon.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive sell-side advisor to Central Maine Healthcare in its affiliation Prime Healthcare Foundation. 

Cain Brothers was engaged to assist in the negotiations and affiliation process due to its domain expertise and understanding of the New England healthcare market. The affiliation will help achieve Central Maine and Prime’s joint long-term commitment to deliver the highest quality, most advanced health care to communities across central, western, and mid-coast Maine. The agreement includes continued local governance and management, ongoing community commitment and significant capital investment in the region.

Central Maine Healthcare is an integrated delivery system serving 400,000 people in central, western and mid-coast Maine. With over 600 physicians and advanced practice professionals in more than 40 locations, CMH includes Central Maine Medical Center, a Levell III Trauma Center in Lewiston, as well as critical access facilities, Bridgton and Rumford hospitals, and two long-term care communities. 

Prime Healthcare is a health system operating 44 hospitals and more than 300 outpatient locations in 14 states, providing over 2.6 million patient visits annually. It is one of the nation’s leading health systems with nearly 45,000 employees and physicians. Fourteen of the Prime Healthcare hospitals are members of the Prime Healthcare Foundation, a 501(c)(3) not-for-profit public charity.

On February 13, 2026, Olympic Steel, Inc. (Olympic Steel or the Company) and Ryerson Holding Corporation (Ryerson) announced that they have completed their all-stock merger. KeyBanc Capital Markets (KBCM) served as lead Financial Advisor and provided a Fairness Opinion on the transaction.

KBCM was selected to serve as Olympic Steel's lLead Financial Advisor and Fairness Opinion Provider based on the group's deep industry expertise in metals distribution and processing, extensive transaction expertise in complex mergers and acquisitions and a decades-long partnership with the Company.

Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale and value-added processing of carbon and coated sheet, plate and coil steel products; stainless steel sheet, plate, bar, and coil; aluminum sheet, plate, and coil; pipe, tube, bar, valves, and fittings; tin plate and metal-intensive end-use products, including stainless steel bollards; commercial, residential, and industrial venting and air filtration systems; Wright® brand self-dumping hoppers; and metal canopy components. Headquartered in Cleveland, Ohio, Olympic Steel operates from 53 facilities.

Founded in 1842, Ryerson Holding Corporation (NYSE: RYI) is a leading value-added processor and distributor of industrial metals. The company offers a broad portfolio of carbon and stainless steel, aluminum, and alloy products, along with extensive metal processing capabilities, including cutting, forming, machining, and fabrication. Ryerson has ~4,300 employees and ~110 locations across North America, Mexico, and China, serving a diverse customer base in industries such as heavy equipment, industrial machinery, and energy.

On February 12, 2026, KeyBanc Capital Markets, Inc. (KBCM) successfully closed the syndication of $219 million Senior Secured Credit Facilities (the Credit Facilities) for the Soboba Band of Luiseño Indians (the Tribe). The Credit Facilities consist of a $129 million Revolving Credit Facility and $90 million Tax-Exempt Term Loan. Proceeds from the Credit Facilities will be used to refinance existing indebtedness, fund the development and construction of a cogeneration plant (the Project) at the Soboba Casino Resort, and pay transaction-related fees and expenses.

KBCM was selected to arrange and lead the financing due to its long-standing relationship with the Tribe, cultivated through years of partnership and dialogue, along with unmatched experience and expertise in the Native American Financial Services industry, and successful track record of syndicating transactions in the gaming space.

The Project
The Tribe plans to develop and construct a combined heat and power plant to cogenerate electricity and hot water at Soboba Casino Resort. The Project will modernize the property's energy infrastructure through the integration of a microgrid controller, electrical infrastructure upgrades and electric vehicle charging infrastructure. Collectively, these improvements will enable Soboba Casino Resort to generate 100% of its electricity demand on-site and significantly enhance the property's long-term operational resilience.

Soboba Band of Luiseño Indians Overview
The Tribe is a sovereign nation with over 1,600 enrolled members. Since time immemorial, the descendants of the Soboba people are those who have lived on and occupied the land that is presently known as the cities of San Jacinto, Hemet, Valle Vista and Winchester, California. Today, the ~8,000-acre Soboba Indian Reservation lies in the lower reaches of the San Jacinto Mountains, across the San Jacinto River from the city of San Jacinto. The Tribe owns and operates Soboba Casino Resort, an award-winning property that features over 100,000 sq. ft. of gaming space, including 2,000+ slot machines and 30+ table games, and is further complemented by a 200-room hotel, spa, PGA-rated golf course, and more.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, acted as Co-Manager in the $3.8 billion offering of Senior Notes for Thermo Fisher Scientific Inc. (NYSE: TMO).

Cain Brothers and KeyBanc Capital Markets served as Co-Manager due to its industry expertise and long-standing relationship with the Company.  Proceeds will be used to fund the cash consideration related to the acquisition of Clario Holdings as well as general corporate purposes.

Thermo Fisher manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

On February 11, 2026, KeyBank successfully closed a line of credit for Flexi Software (Flexi). Proceeds from the facility will be used for working capital and to support key growth initiatives. Key acted as Sole Lender on the transaction. Full primacy, including operating deposits, was also provided.

Flexi provides specialized, enterprise-grade accounting and financial management software designed for industries with complex accounting requirements, such as insurance, banking, and financial services. Flexi drives automation and efficiency for multi-entity businesses with demanding accounting environments, with a platform spanning core accounting modules, workflow automation, FP&A, and third-party integrations.

On February 11, 2026, KeyBanc Capital Markets served as Joint Lead Arranger on a $1.1 billion Senior Secured Credit Facility for Brazos Midland, LLC (Brazos Midland). Brazos Midland is a portfolio company of Old Ironsides Energy and EnCap Flatrock Midstream. Proceeds will be used to fund ongoing expansion projects and for general corporate purposes.

On February 10, 2026, KeyBanc Capital Markets Inc. (KBCM) served as Joint Bookrunner on SOLV Energy, Inc.’s (SOLV or the Company) $589.4 million Initial Public Offering of 23,575,000 shares, including overallotment.

In support of the IPO, KBCM successfully closed the syndication of a $200 million Senior Secured Revolving Credit Facility (the Credit Facility) for SOLV Energy Acquisition, LLC, a subsidiary of SOLV. The Credit Facility will support the Company’s working capital and general corporate needs. KBCM acted as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent.

SOLV is a leading provider of engineering, procurement, and construction (EPC) services to build solar photovoltaic plants and energy storage facilities. The Company specializes in the installation and maintenance of solar farms, small rooftop panels, battery storage facilities, and high voltage substations, enabling organizations to transition towards clean and sustainable energy solutions. For more information, visit https://www.solvenergy.com. 

Founded in 1994, American Securities (the Sponsor) is a leading U.S. private equity firm that invests in North American companies, primarily in the industrial and services sectors. With $23 billion under management, American Securities partners with businesses generating $200 million to $2 billion in annual revenues, combining deep sector expertise, differentiated insights and proven internal capabilities to serve as transformational partners that drive growth and build enduring value. The Sponsor’s investment philosophy emphasizes capital preservation through disciplined investing and hands-on engagement, paired with repeatable value creation processes and operational excellence. American Securities is based in New York with an office in Shanghai. For more information, please visit https://www.american-securities.com.