Trilogy Health Services

In September 2025, we served as Active Joint Bookrunner on Interstate Power & Light’s (IPL) issuance of $300 million Senior Debentures due October 1, 2055, with a 5.6% coupon. IPL, a wholly owned subsidiary of Alliant Energy Corporation, is a public utility serving Iowa with electricity and natural gas. It provides electric service to about 500,000 customers and 230,000 natural gas customers.

IPL intends to use the net proceeds to reduce outstanding capital under their receivables purchase and sale program, to reduce outstanding commercial paper, and/or for general corporate purposes. KeyBanc Capital Markets served as Active Joint Bookrunner.

On September 10, 2025, KeyBanc Capital Markets (KBCM) successfully priced $225 million of Convertible Senior Notes due 2031 for Astronics Corporation (Astronics or the Company). Proceeds will be used to fund the repurchase of a portion of the existing 5.500% Convertible Senior Notes due 2030 and to fund a Capped Call in connection with the offering. KBCM acted as Joint Bookrunner on the transaction. 

Astronics Corporation (NASDAQ: ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. The Company works side-by-side with customers, integrating their array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, militaries, completion centers, and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to HonorHealth in its proposed acquisition of Evernorth Care Group from The Cigna Group.

Cain Brothers advised HonorHealth throughout a competitive process, providing strategic guidance, diligence support, and transaction execution. The transaction expands HonorHealth’s footprint in the Phoenix area and underscores its commitment to delivering coordinated, high-quality care.

HonorHealth is a leading health system with a 100+ year legacy of providing care to the more than 5 million people across the greater Phoenix area. The system operates nine acute care hospitals and a broad network of primary, specialty, and urgent care locations. HonorHealth focuses on expanding access and enhancing care delivery through strategic partnerships and innovation.

Evernorth Care Group provides care to patients in 18 locations across the Phoenix area, serving nearly 200,000 patients. The organization has a 50-year history of providing integrated, high-quality, affordable care and is recognized for its team-based, patient-centered model.  

The Cigna Group (NYSE: CI) is a global health company serving individuals and communities worldwide through its divisions, including Cigna Healthcare and Evernorth Health Services.

On August 29, 2025, KeyBanc Capital Markets (KBCM) successfully advised United Titanium, Inc. (United Titanium or the Company), on its sale to Riverspan Partners (Riverspan). KBCM was chosen to serve as United Titanium’s Exclusive Sell-Side Advisor based on its industry-leading industrial investment banking franchise, longstanding relationship with the Company and proven M&A execution capabilities.

Founded in 1962 and headquartered in Wooster, Ohio, United Titanium is a leading manufacturer of engineered mission-critical fasteners, fittings and precision components. The Company specializes in hard-to-manufacture alloys including titanium, zirconium, cobalt, nickel, tantalum, nitronic and other specialty alloys. United Titanium serves customers across the defense, electronics, medical, petrochemical, commercial and industrial distribution end markets.

Riverspan is a middle-market private equity firm headquartered in Chicago, Illinois. Founded in 2022, the firm seeks to invest in companies within the chemicals and materials, engineered components, industrial services and manufacturing sectors. The firm is currently investing out of its first institutional fund.

On August 27, 2025, KeyBanc Capital Markets Inc. successfully closed on an $800 million senior secured facility (the Facility) supporting Madison Energy Infrastructure. The construction-to-term Facility will support the expansion and deployment of clean energy infrastructure to customers and partners across the U.S. The Facility positions Madison to meet rapidly growing customer demand as the company advances toward 1 GW of operating capacity. 

About Madison Energy Infrastructure
Madison Energy Infrastructure is building a leading clean energy ecosystem to deliver operational value, certainty, and sustainability to businesses, organizations, and communities. Our robust portfolio is bolstered by the strength of EQT and our globally renowned capital partners. With a proven track record of successfully executing hundreds of projects, we are unwaveringly focused on exceeding expectations and achieving meaningful results for our partners and customers.

On August 26, 2025, KeyBanc Capital Markets (KBCM) successfully advised G2 Secure Staff, LLC (G2 Secure Staff, or the Company), a portfolio company of Tenex Capital Management, L.P. (Tenex), on its sale to Menzies Aviation Ltd. (Menzies Aviation). KBCM was chosen to serve as G2 Secure Staff’s Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with Tenex and the Company and proven M&A execution capabilities. 

G2 Secure Staff is a provider of outsourced aviation services to the US airline industry, supporting airlines across terminals, cabins, ramps, cargo, and security functions. The Company operates across ~90 airports nationwide in key primary and secondary hubs for all of the major US carriers and employs ~12,000 people.

Tenex Capital Management is a private equity firm that invests in middle market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing, and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities.

Menzies Aviation is the leading service partner to the world's airports and airlines, with operations on six continents, at more than 300 airports in 65-plus countries, serving more than 4.8 million flights a year and handling over 2.4 million tons of cargo. Supported by a team of over 50,000 highly trained people, Menzies Aviation provides complex and time-critical ground services, including passenger, lounge and ramp services; air cargo services, including handling, warehousing and wholesale freight forwarding; and fuel services, including fuel farm management and into-plane fueling.

On August 19, 2025, KeyBanc Capital Markets acted as Sole Manager on the successful closing of $32 million National Finance Authority Lease Revenue Bonds, Tax-Exempt Series 2025A and Taxable Series 2025B (the Series 2025 Bonds) for the NCCD-UNR Fieldhouse Properties LLC (the Borrower).

The Series 2025 Bonds were issued to primarily finance the cost of the development, design, construction and equipping of a new fieldhouse and turf fields (the Project) on the campus of the University of Nevada, Reno (UNR). The Nevada System of Higher Education (NSHE), on behalf of UNR, will enter a 35-year Ground Lease and corresponding 30-year Sublease with the Borrower for the purposes of executing the Project.

NSHE currently includes the three universities (one of which is UNR), a research institute, four community colleges and Nevada State University. UNR serves over 20,000 students and offers 123 major fields of study leading to baccalaureate and 131 major fields of study leading to advanced degrees through academic departments in these colleges and schools.

In April 2024, Southwest Gas (NYSE: SWX) IPO’d its utility infrastructure services business, Centuri (NYSE: CTRI), raising $299,460,000. The initial public offering featured primary shares with a use of proceeds for debt repayment, working capital, and general corporate purposes.

In May, June, and August 2025, Centuri priced three follow-on offerings featuring 100% secondary shares. The three transactions represented $750,159,375 in aggregate proceeds and allowed Southwest Gas to partially monetize its position in Centuri to further repay debt at Southwest Gas Holdings and other general corporate purposes. Of note, KeyBanc Capital Markets served as a bookrunner on the June 2025 and August 2025 follow-on offerings.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Streamline Health Solutions (Nasdaq: STRM) on its sale to MDaudit.

Cain Brothers was retained by Streamline Health as its exclusive financial advisor and to deliver a fairness opinion to its Board of Directors based on its extensive knowledge of the HealthTech and revenue cycle management sector. Cain Brothers worked with the Streamline Board of Directors to design and execute a broad auction process to identify the optimal buyer.

Streamline Health enables healthcare organizations to proactively address revenue leakage and improve financial performance. Streamline delivers integrated solutions, technology-enabled services and analytics that drive compliant revenue leading to improved financial performance across the enterprise. Streamline supports several leading health systems, including Memorial Hermann, Baylor Scott & White, MedStar Health and Honor Health.

MDaudit, a portfolio company of Bregal Sagemount and Primus Capital, is a leading healthcare technology provider that partners with the nation’s premier healthcare systems to reduce compliance risk, improve efficiency, retain revenue, and enhance communication between cross-functional teams.

On August 12, 2025, KeyBank successfully closed a $6.1 million equipment term loan for Target Ag Production, LLC. Proceeds from the facility were used to help the business install a new six-lane onion line. This was nearly a yearlong project that Key financed via progress payment installments. Key acted as the Sole Lender on the transaction.

Target Ag Production, LLC, is a dry onion storage, processing, and shipping operation. Target has been supplying its clients with fresh, high-quality onions since 2000.

On August 8, 2025, KeyBanc Capital Markets, Inc. (KBCM) successfully closed the syndication of $295 million Senior Secured Credit Facilities (the Credit Facilities) for the Mississippi Band of Choctaw Indians (d/b/a Choctaw Resort Development Enterprise) (MBCI, or the Tribe). The Credit Facilities consist of a $100 million Revolving Credit Facility, $85 million Term Loan A, and $110 million Delayed Draw Term Loan. The proceeds will be used to refinance existing indebtedness, fund working capital and gaming-related capital expenditures, finance the construction of the new Choctaw Central Middle School and High School Campus, and pay transaction-related fees and expenses.

This transaction represents KBCM’s second left lead syndicated transaction with the Tribe. MBCI selected KBCM based on our longstanding relationship with the Tribe, along with our extensive knowledge and expertise within the Native American Financial Services industry, and successful track record of syndication transactions in the gaming space.

Choctaw Central Middle School and High School Campus
Scheduled to open in Summer 2026, the new Choctaw Central Middle School and High School Campus will feature a two-story academic building to accommodate up to 1,200 students. The campus will include offices for middle school and high school staff, principals’ offices, counselors’ offices, a band hall, cafeteria, dormitory, library, ADA bathrooms, elevators, a two-level arena, and a 2,000-seat turf football field.

Tribe Overview
The Tribe is a sovereign nation and the only federally recognized Tribe in Mississippi, with over 11,000 enrolled members. Tribal lands encompass 35,000 acres across 14 counties, and contain a diversified portfolio of manufacturing, service, retail, gaming, hospitality, and construction enterprises. The Tribe established CRDE in October 1999 for the purpose of managing existing and future gaming and resort operations. The CRDE gaming and hospitality portfolio includes Golden Moon Hotel & Casino, Silver Star Hotel & Casino, Bok Homa Casino, Crystal Sky Travel Plaza, Dancing Rabbit Golf Club, Dancing Rabbit Inn, and Geyser Falls Water Theme Park.

On August 7, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $550 million Term Loan B (TLB) for MillerKnoll, Inc. (MillerKnoll or the Company). This transaction follows the Company’s pro rata transaction in April 2025, which included a $400 million Term Loan A and a $725 million Revolving Credit Facility. In aggregate, the Company’s refinancing resulted in $1.675 billion of Senior Secured Credit Facilities (the Credit Facilities). Proceeds from the Credit Facilities were used to refinance existing indebtedness, enhance liquidity, and pay transaction related expenses. KBCM acted as a Joint Lead Arranger and Joint Bookrunner.

KBCM was chosen as Joint Lead Arranger and Joint Bookrunner due to our long-standing relationship with the Company, strong presence in the Retail sector, and robust debt capital markets platform.

Formed in 2021 through the merger between Herman Miller and Knoll, MillerKnoll (NASDAQ: MLKN) is a global leader of design with 15 dynamic brands and a significant global reach, operating in 110 countries through 75+ retail stores and 1,000+ dealers. The Company designs, manufactures, and distributes interior furnishings for use in various environments including residential, office, healthcare, and educational settings.

Key Community Development Lending & Investment provided $19.5 million in financing for the new construction of Hawthorne Heights, an 86-unit affordable senior housing building in Gainesville, Florida. This project will serve senior citizens earning no more than 22-70% of Area Median Income. Supportive services will be offered to residents and will include assistance with light housekeeping, grocery shopping, and laundry as well as daily activities, including book club, gardening club, and game night. We want to thank National CORE Community Renaissance for their commitment to building much-needed affordable housing in Florida.

The financing includes a construction loan and a permanent loan.

Key Community Development Lending & Investment provided $117 million in financing for the new construction of Covington Acres, a 252-unit affordable housing building in Keene, Texas. This project will serve families and individuals earning no more than 60% of Area Median Income. Supportive services will be offered to residents and will include access to a food pantry, an annual health fair, and other events and classes, including arts and crafts. We want to thank Kittle Property Group for their commitment to building much-needed affordable housing in Texas.

The financing includes a construction loan, LIHTC Equity, a permanent loan, and bond underwriting.

Cain Brothers, a division of KeyBanc Capital Markets, and KeyBanc Capital Markets, Inc. acted as Joint Lead Arranger and Joint Bookrunner.

On July 31, 2025, KeyBank Beach Point Direct Lending Program and KeyBanc Capital Markets successfully closed $565 million of Senior Secured Credit Facilities in support of Audax Private Equity and Parthenon Capital Partners’ acquisition of Elevate Patient Financial from Frazier Healthcare Partners and The Edgewater Funds.

Elevate is a leading provider of revenue cycle management solutions to hospitals and health systems across the United States. Formerly known as MedData, the Company provides innovative, specialized technology to address the most complex challenges of the revenue cycle. Offerings include eligibility & enrollment, self-pay, complex claims, and accounts receivable services. With clients and offices coast-to-coast and state-specific experience in all 50 states, Elevate is a trusted RCM partner to nearly 1,700 client facilities with over 11.5 million patient accounts each year.

Audax is a Boston-based private equity firm focused on investing in U.S. middle market companies across the business services, consumer, financial services, healthcare, industrials, and software sectors. Founded in 1999, Audax has grown to ~$19 billion in assets under management, successfully completing over 175 platform investments and 1,400+ add-on acquisitions.

Founded in 1998, Parthenon is a private equity firm specializing in the business, financial, and healthcare services segments. Since inception, Parthenon has partnered with world-class management teams to complete over 50 platform acquisitions, with 200+ additional tuck-ins, representing over $5 billion in value across core sectors.

On June 26, 2025, KeyBanc Capital Markets (KBCM), as Sole Manager, and the City of Huber Heights, Ohio (the City), successfully closed a $56.2 million Various Purpose Notes, Series 2025 (General Obligation – Limited Tax) (the Notes) transaction. Proceeds received from the sale of the Notes will be used to 1) retire, with Note proceeds and cash in hand, Notes issued for the purpose of paying the costs of improving (a) the public works department, (b) city council facilities, (c) fire station facilities, (d) the Meadows infrastructure project, (e) public improvements; and (2) providing funds for City Hall renovations and the design of an indoor music center for community use.

Located just minutes from Wright-Patterson Air Force Base and Dayton’s commercial center, Huber Heights is home to over 800 businesses, from high-tech manufacturers to distributors. The residents of Huber Heights are spread comfortably over 25 square miles. Just over 38,000 residents of diverse backgrounds earn an average income of more than $69,000. The City is a community that provides an outstanding business environment that supports a high quality of life and an affordable cost of living coupled with abundant recreational and cultural amenities. A host of nationally acclaimed institutions of higher learning are within minutes of the City, including the Air Force Institute of Technology, several acclaimed universities (Cedarville, the University of Dayton Wilberforce, Wittenberg, and Wright State, among others). Together these institutions offer everything from advanced degrees to executive leadership training and lend to robust community amenities.

On July 25, 2025, KeyBank successfully closed a Term Loan and Revolving Line of Credit for The Memory Company, LLC (“TMC”). TMC was acquired by Fruition Partners. Proceeds from the facilities were used to fund the acquisition, cover transaction costs, and support future working capital requirements. KeyBank acted as Sole Lender on the transaction. 

Founded in 1998 and headquartered in Phenix City, Alabama, The Memory Company is a leading developer and distributor of licensed consumer drinkware, home décor, and related hard goods products, serving major retailers and e-commerce platforms. TMC holds long-standing licensing agreements with major U.S. sports leagues such as the NFL, MLB, and NCAA, with an average tenure of over 25 years, as well as other globally recognized consumer brands. TMC is a rapidly growing business that sets itself apart through its broad portfolio of top-tier licenses, trend-driven product innovation, and strong retail relationships.

Fruition Partners is a growth-oriented private equity firm that partners with founder-led and family-owned companies to accelerate their next phase of development. With deep expertise in scaling businesses organically and through M&A, the firm focuses on category-defining platforms with durable competitive advantages. Fruition Partners is dedicated to supporting entrepreneurially minded management teams in building exceptional businesses. The firm emphasizes long-term partnership over portfolio volume, providing focused support and strategic alignment. Fruition's investment philosophy centers on backing bold visions, enabling execution of transformative growth plans while maintaining strong alignment and integrity throughout the process. 

Fruition will build on TMC’s success by supporting continued growth with both new and existing partners, while protecting and enhancing its strategic licensing position in an increasingly IP-conscious market.

On July 24, 2025, KeyBanc Capital Markets (KBCM) successfully advised Omni Glass & Paint, LLC (Omni or the Company), a portfolio company of Merit Capital Partners (Merit), on its sale to The Sterling Group Foundation Fund (Sterling). KBCM was selected to serve as Omni's Exclusive Sell-Side Advisor based on its industry-leading specialty distribution investment banking practice, long history of transaction success within the glass/window industry, and track record of successful M&A execution.

Omni is a leading provider of a broad range of glass and paint products and services. Founded in 1967, Omni provides custom glass, panels, contract glazing, and specialty coating solutions to general contractors and manufacturers, primarily in Wisconsin. The Company operates through five divisions including Glass, Paint, OEM, Residential, and Tempering. Omni is headquartered in Oshkosh, Wisconsin, and has six facilities throughout the state.

Headquartered in Chicago, Merit is a private equity investment firm with $2.7 billion of capital under management. Founded in 1993, the firm focuses on providing equity and subordinated debt to lower middle market companies. Merit partners with business owners, management teams and independent sponsors to support management buyouts, recapitalizations and growth financings across the manufacturing, distribution and services sectors.

Headquartered in Houston, Texas, The Sterling Group is a leading private equity and private credit investment firm with $9.4 billion of assets under management. Founded in 1982, the firm focuses on lower middle market companies and partners with management teams to strategically and operationally improve businesses operating within basic manufacturing, distribution, and industrial service industries. The Foundation Fund is a 2023 vintage buyout fund with over $635 million of committed capital.

On July 17, 2025, KeyBanc Capital Markets (KBCM) successfully closed on $350 million of Senior Secured Notes due 2030 (the Notes) for ParkOhio Industries, Inc. (ParkOhio, or the Company). Proceeds from the Notes will be used to redeem the outstanding 6.625% Senior Notes due 2027 and pay related fees and expenses. KBCM served as Co-Syndication Agent and Joint Bookrunner due to our deep industry expertise, extensive Debt Capital Markets expertise, and long-term relationship with ParkOhio.

ParkOhio Industries is an international manufacturing company that provides supply chain management outsourcing services, capital equipment used on production lines, and manufactured components for assembly. The Company operates in three business segments including Supply Technologies, Assembly Components, and Engineered Products. ParkOhio’s businesses are exposed to diverse and highly attractive geographic end markets, including the United States, Europe, Asia, Mexico, and Canada.

The transaction includes a $5,017,000 ($70/square foot) non-recourse, first mortgage loan secured by a 95,319 square foot (71,658 NRA), 575-unit self-storage facility known as Mini U Storage - Richmond, located in Sugar Land, Texas. Developed in 2009, Mini U Storage - Richmond is located on a 3.62-acre site and consists of five single-story self-storage buildings, one two-story self-storage building, and one building that contains the leasing office and on-site managers residence. Mini U Storage - Richmond has 161 non-climate-controlled exterior units, and 414 climate-controlled units ranging in size from 5x5 to 26x40. The facility has no RV/parking spaces. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a five-year interest-only term.

The transaction includes a $6,500,000 ($102/square foot) non-recourse, first mortgage loan secured by an 82,120 square foot (63,610 NRA), 716-unit self-storage facility known as Mini U Storage – Fairfax Station, located in Fairfax Station, Virginia. Developed in 1986, Mini U Storage - Fairfax Station is located on a 5.628-acre site and consists of five single-story self-storage buildings, and one, two-story building. The leasing office and on-site managers residence are contained in one of the single-story self-storage buildings. Mini U Storage - Fairfax Station has 623 non-climate-controlled exterior units, and 93 climate-controlled units ranging in size from 4x5 to 20x30. The facility has 55 RV/parking spaces. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a five-year interest-only term.

The transaction includes a $57,750,000 ($175,532/unit) non-recourse, first mortgage loan secured by a 329-unit, garden-style apartment complex known as Vibe Apartments, in Kent, WA. The property was originally built in 1984, and the previous owner completed $1,241,585 ($3,774/unit) in capital improvements since 2019. The improvements consist of 34, 3-story buildings, situated on 16.33 acres. The property will be rent- and income-restricted under the LURA, which requires 100% of the units to be restricted to 80% AMI. The proposed loan will be used for acquisition of the property. The loan is structured with a seven-year term, and subsequent to a five-year interest-only period, amortizes on a 35-year schedule.

On July 8, 2025, KeyBanc Capital Markets (KBCM) successfully advised Kodiak Interiors Group, LLC (Interiors or the Company), the interiors division of Kodiak Building Partners, Inc. (Kodiak), a portfolio company of Court Square Capital Partners (Court Square), on its sale to a Private Investor Consortium. KBCM served as Interiors’ Exclusive Sell-Side Advisor based on its industry-leading Industrial Building Products practice, proven M&A execution capabilities and relevant carveout transaction experience.

Interiors is a leading national distributor of interior building products and provider of installation services for homebuilders and repair & remodel contractors. The Company operates 35+ locations in Arizona, Colorado, Pennsylvania and Texas, offering appliances, flooring, cabinets and other interior products.

Kodiak, headquartered in Englewood, Colorado, is a national building materials distribution platform founded in 2011, employing more than 6,500 team members across 29 states. Kodiak serves local and national customers across the residential construction, repair & remodel, commercial and infrastructure construction markets. Their diverse product offering includes lumber and building materials, construction supplies, gypsum and interiors products.

Court Square is a New York-based private equity investment firm that has completed more than 245 platform acquisitions. Court Square focuses on investing in middle-market Industrials, Business Services, Healthcare and Tech & Telecom companies, partnering with founders, families and management teams to drive long-term value and establish market leadership.

On July 1, 2025, Apollo Global Management, Inc. (Apollo) successfully closed the acquisition and merger of Everi Holdings Inc. (Everi) and the Gaming & Digital Business of International Game Technology (SpinCo), (together the Acquisition). KeyBanc Capital Markets (KBCM) acted as Joint Lead Arranger and Joint Bookrunner on the financing for the Acquisition (the Financing), which included $3.225 billion of Senior Secured Credit Facilities, comprised of a $750 million Revolving Credit Facility and a $2.475 billion Term Loan B, as well as $1.85 billion of Senior Secured Notes. The Financing was issued under the entity name Voyager Parent, LLC (the Combined Company). 

KBCM was selected as a Joint Lead Arranger and Joint Bookrunner due to its consistent pitch effort and extensive industry and Debt Capital Markets expertise.

Voyager Parent, LLC is a one-stop-shop with a comprehensive product portfolio addressing all aspects of the gaming ecosystem. The Combined Company has leading positions in Class II & III land-based gaming, iGaming, FinTech and systems and is #1 by units sold in North America. The Combined Company has the highest ship share of sales in North America and maintains a significant installed base of leased machines across many geographies. Complementing its strong presence across land-based gaming, Voyager Parent also has an industry-leading porting process to bring some of its most successful titles to the digital, gaming landscape, enabling it to efficiently grow its substantial library of online gaming content.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Beacon Health System in its acquisition of Ascension Southwest Michigan, including the Borgess Health System.

On behalf of Beacon, Cain Brothers proactively approached Ascension about divesting Borgess Health. Following numerous discussions, the assets were formally marketed and the persistence of the Cain Brothers team, along with a thoughtful RFP response, positioned Beacon as the best partner. The transaction closed on July 1, 2025.

Founded in 2011, Beacon Health has grown to a nine-hospital not-for-profit system in northern Indiana and southwest Michigan. Beacon is headquartered in South Bend and employs more than 8,000 associates throughout the region at over 74 different locations.

Borgess is a not-for-profit health system consisting of four hospitals, 35 outpatient clinics, and one ambulatory surgery center. The largest facility is a 422-bed acute care hospital in Kalamazoo. Borgess has more than 2,700 associates, including 261 providers.

Ascension is one of the nation’s largest not-for-profit health systems, with approximately 99,000 associates, 23,000 aligned providers, 94 wholly-owned or consolidated hospitals, and ownership interests in 27 additional hospitals. Ascension also operates 30 senior living facilities and a variety of other care sites offering a range of services.

In July 2025, KeyBanc Capital Markets served as Sole Underwriter on $58.9 million of taxable Public Finance Authority Senior Lien Revenue Bonds (E-470 Public Highway Authority Service Areas Project), Series 2025 (the Series 2025 Bonds, or the Bonds). 

The Series 2025 Bonds will finance the construction of four new service plazas along the 47-mile E-470 beltway around Denver, Colorado — Parker Southbound, Aurora Northbound, Commerce City Southbound, and Commerce City Northbound — under a long-term concession with the E-470 Public Highway Authority. Each plaza will feature fuel, food and beverage, convenience store, and electric vehicle services. The Bonds are being issued to (i) pay a portion of the costs and expenses incurred in connection with the design, construction, equipping and financing of the improvements; (ii) pay a portion of the interest payable on the Bonds during construction; and (iii) pay certain cost of issuing the Bonds and other permitted financing costs.

Applegreen is the largest highway travel plaza operator in Ireland and the second largest in the UK. It operates 620 forecourt sites across Ireland, U.K. and U.S. Applegreen has 530 locations and more than 700 food and beverage offerings. The key areas in the U.S. include the Midwest, across Indiana and Ohio, and the Northeast – New York, New Jersey, Maine, Delaware, Connecticut, Massachusetts, and Pennsylvania.

In July 2025, KeyBanc Capital Markets (KBCM) successfully closed on $500 million Senior Notes due in 2028, $500 million in Senior Notes due in 2030, and $500 million Senior Notes due 2035 for The Sherwin-Williams Company (Sherwin-Williams). KBCM acted as Co-Manager on the transaction.

Sherwin-Williams and its consolidated wholly owned subsidiaries are engaged in the development, manufacture, distribution, and sale of paint, coatings, and related products to professional, industrial, commercial, and retail customers primarily in North and South America, with additional operations in the Caribbean region and throughout Europe, Asia, and Australia.

On July 1, 2025, KeyBanc Capital Markets (KBCM) advised TerraSource Holdings, LLC (TerraSource or the Company), a portfolio company of Right Lane Industries (Right Lane) and an operating subsidiary of Hillenbrand, Inc. (Hillenbrand), on its sale to Astec Industries, Inc. (Astec).

KBCM was selected to serve as TerraSource’s Exclusive Sell-Side Advisor based on its industry-leading Diversified Industrials & Manufacturing and Industrial Technology investment banking practices, deep industry expertise and proven track record of successful sell-side M&A execution.

TerraSource is a market-leading manufacturer of material processing equipment and aftermarket parts, and provider of rebuild services for feeding, crushing, screening and separating applications. The Company operates globally through a family of five brands to serve a blue-chip customer base across a diverse set of end markets including general industrial, metals & mining, energy & power and forestry.

Right Lane is a private holding company focused on acquiring middle-market industrial businesses through complex transactions − corporate carveouts & divestitures, turnarounds, take-privates, other special situations − that can benefit from Right Lane’s entrepreneurial approach to business transformation.

Hillenbrand (NYSE:HI) is a global industrial company that provides highly engineered, mission-critical processing equipment and solutions to customers. Their portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food and recycling.

Astec (NASDAQ:ASTE) is a leading global manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production. Operations are divided into two primary business segments – Infrastructure Solutions, which includes road building, asphalt & concrete plants, thermal and storage solutions, and Materials Solutions, which includes aggregate and other material processing solutions.