Debt Capital Markets

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.

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 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.

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.

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 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.

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.