Utah Telecommunication Open Infrastructure Agency

Overview

Deal Type Debt Capital Markets
Size $205 Million
Sales Tax and Telecommunications Revenue Refunding Bonds
Client & Transactional Partners Utah Telecommunication Open Infrastructure Agency
Our Role Sole Manager

Summary

On December 1, 2022, KeyBanc Capital Markets (KBCM) successfully closed the $205 million Sales Tax and Telecommunications Revenue Refunding Bonds, Series 2022 (the 2022 Bonds) on behalf of Utah Telecommunication Open Infrastructure Agency (UTOPIA). The 2022 Bonds were rated AA- by S&P and were used to refund UTOPIA's outstanding LIBOR-based Tax-Exempt Series 2011A and Taxable Series 2011B Bonds and provide funds to terminate related swap contracts. The excess proceeds will be used to finance the acquisition, construction, and installation of advanced communication lines, equipment and improvements, refreshment of major electronics, and related improvements and facilities as part of a fiber optic, open-access, advanced communications network. KBCM served as Sole Manager for the 2022 Bonds.

KBCM has a long-standing relationship with the UTOPIA/Utah Infrastructure Agency (UIA) – a component of UTOPIA. The UIA network is a fiber optic network of high-speed broadband voice, video and data access and includes fiber optic lines, transmitters, power sources and backups, switches and access portals. It operates as a wholesale network, under an open access model, which is available to all qualified service providers. Since its inaugural issuance in 2011, KBCM worked with UIA’s finance team, underwriting subsequent issues in 2013, 2015, and 2017 through and including 2022.

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