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

January 2023

a portfolio company of

has been acquired by

Exclusive Sell-Side Advisor

hasa-inc
December 2022

has sold a 143 MW portfolio of distributed C&I solar assets to

 

Exclusive Sell-Side Advisor

longroad-energy-edp
December 2022

Poseidon

$600 Million

Senior Secured Credit Facilities

Coordinating Lead Arranger
Administrative Agent

sunrun-poseidon
December 2022

a portfolio company of

has been acquired by

 

$1 Billion

Sell-Side Advisor

scout-clean-energy
December 2022

amplify energy 

$1 Billion

Senior Secured Credit Facility

Administrative Agent

amplify-energy-corp
December 2022

Woodcreek

$32.16 Million

Acquisition

woodcreek
December 2022

 

Casa Del Mar

$53.24 Million

Refinance

casa-del-mar
November 2022

 

$700 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

sterling-infosystems-inc
November 2022

Terra 

$1 Billion

Senior Secured Credit Facility

Joint Lead Arranger
Co-Syndication Agent

terra-energy-partners-llc
November 2022

 

$43.3MM

CDLI Loan and LIHTC

river-oaks
November 2022

 

$100 million

Senior Secured Credit Facility

Lead Arranger
Bookrunner
Administrative Agent

seneca-gaming-corporation
November 2022

has divested of a 14.2 MW community solar portfolio in Illinois to

Sell-Side Advisor

cenergy-power

Connect With Us

  • Social Share Icon
  • Social Share Icon
  • Social Share Icon

Find an Expert