The University of Akron Parking Concession

Overview

Deal Type Debt Capital Markets
Size $86.26 Million
Tax-Exempt Revenue Bonds
Client & Transactional Partners UAkronPark, Inc.
SP Plus Corporation
Development Finance Authority of Summit County
Diogenes Capital
Our Role Sole Manager

Summary

On November 30, 2023, KeyBanc Capital Markets (KBCM) successfully closed $86.26 million in Tax-Exempt Parking System Revenue Bonds, Series 2023 (the Bonds) for UAkronPark Inc., a special-purpose entity formed by the Development Finance Authority of Summit County (the Authority) with Diogenes Capital serving as the Asset Manager. The Bonds are being issued to provide funds (i) for acquiring, constructing, furnishing, equipping, maintaining, and improving real and personal property, or any combination thereof, comprising the Parking System; (ii) to finance additional costs to improve the Project and the Parking System; (iii) to fund the Debt Service Reserve Fund for the Series 2023 Bonds, (iv) to fund capitalized interest on the Series 2023 Bonds, and (v) to fund the costs of issuing the Series 2023 Bonds. KBCM served as Sole Manager on the transaction.

B I Deal Disclosure

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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