Debt Capital Markets

On November 12, 2025, KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner and Co-Documentation Agent on a $1.7 billion Senior Secured Credit Facility for Harvest Midstream I, L.P., consisting of a $1.1 billion Senior Secured Revolving Credit Facility and a $600 million Term Loan A. Proceeds will be used to fund the acquisition of Green River Basin assets and Uinta Basin assets from MPLX LP and for general corporate purposes.

On October 23, 2025, KeyBanc Capital Markets served as Co-Documentation Agent on a $500 million Senior Unsecured Revolving Credit Facility for Texas Pacific Land Corporation. Proceeds will be used for general corporate purposes.

On October 14, 2025, KeyBanc Capital Markets Inc. (KBCM) closed $75 million in Senior Secured Credit Facilities for Lightshift Energy’s battery energy storage systems (BESS) portfolio of six operating and 10 construction-ready projects. This financing, which includes a term loan, construction-to-term loan, and tax equity bridge loan, will help strengthen and accelerate Lightshift’s rapidly growing pipeline of energy storage projects across the East Coast.

The portfolio includes 16 battery energy storage projects, totaling 88 MW and 384 MWh in capacity, with installations located in Massachusetts (27 MW), Vermont (19 MW), and Virginia (42 MW). These construction-ready projects are expected to reach commercial operation during the second half of 2026. Revenue will be generated through energy storage service agreements with public power utilities and an industrial client.

This marks the second transaction in 2025 with Lightshift Energy. Earlier in June, KeyBanc Capital Markets served as exclusive financial advisor for Lightshift’s development capital raise from Aiga Capital Partners. 

About Lightshift Energy
Lightshift is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia. Founded in 2019, Lightshift is developing a diverse, multi-gigawatt pipeline of energy storage projects, located throughout the U.S. With leading energy storage analytics, application design, finance, and development expertise, Lightshift deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners, while reinvesting directly into the communities where their projects are located.

On September 24, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $400 million Senior Notes offering for California Resources Corporation. Proceeds will be used to repay existing indebtedness in association with the acquisition of Berry Corporation and for general corporate purposes.

On September 24, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $500 million Senior Notes offering for BKV Corporation. Proceeds will be used to fund the acquisition of Barnett Shale assets from Bedrock Production, LLC and for general corporate purposes.

On September 17, 2025, KeyBanc Capital Markets Inc. (KBCM) closed on the Health System Revenue Bonds, Series 2025 (the 2025 Taxable Bonds) for the San Carlos Apache Healthcare Corporation, Inc. (the Corporation). 

Proceeds of the 2025 Taxable Bonds will be used, along with Corporation equity, to finance a 100-bed long-term care and skilled nursing facility (the Project) on the San Carlos Apache Tribe’s reservation, located ~130 miles east of Phoenix, Arizona. The Project will be adjacent to the Corporation’s 12-bed critical access hospital, enabling members of the San Carlos Apache Tribe (the Tribe) to receive culturally sensitive care and remain close to loved ones.

KBCM assisted the Corporation in securing an ‘A-’ credit rating from Fitch Ratings, supporting the marketing of the 2025 Taxable Bonds. This credit rating is believed to be the first ever for a tribal healthcare operator in the lower 48 states, and one of the highest ever credit ratings for a Native American tribe or tribally chartered corporation. This financing arrangement is distinguished by the absence of a guaranty from any other party and lack of security from sources other than the revenue and assets of the Corporation’s Health System. This structure may help pave the way for other tribes’ health systems and tribally chartered corporations to issue debt secured solely by health system revenues, facilitating future capital projects. Further, the terms of the 2025 Taxable Bonds allow the Corporation to issue additional debt without lender consent if certain financial covenants are met. After seven years, the Bonds can be called at par. Once operational, the Project is eligible to enter a Section 105(l) lease with the Indian Health Services to receive reimbursements for Project costs, including bond debt service.

About San Carlos Apache Healthcare Corporation and the San Carlos Apache Tribe
The San Carlos Apache Healthcare Corporation Inc. or Izeé Baa Gowáh, is a subsidiary economic development enterprise of the Tribe, organized as a nonprofit corporation under the San Carlos Apache Tribe Nonprofit Corporation Act. The Corporation is currently organized and operated solely and exclusively for charitable health care and research purposes, and specifically to support and assist in the provision of holistic and comprehensive hospital and clinical health care services, and for the advancement of the health and social welfare of the Tribe and its members, to assist the Tribe in achieving greater self-sufficiency and self-governance, and to stimulate employment, entrepreneurial, and economic opportunities within the reservation. 

The Corporation currently operates a health care campus on approximately 170 acres in Peridot, Arizona, including a 12-medical/surgical bed critical access hospital, a dental clinic, support facilities and employee/provider housing, and a health care campus on approximately 50 acres in Bylas, Arizona, which includes a rural health center. This system provides healthcare for the Tribe, which has an enrolled population of 17,270 members.

On September 16, 2025, KeyBanc Capital Markets served as Joint Lead Arranger and Co-Syndication Agent on a $2 billion Senior Secured Revolving Credit Facility for Mach Natural Resources LP. Proceeds will be used to fund the acquisition of San Juan Basin assets from IKAV Energy Inc and Central Basin Platform assets from Sabinal Energy, LLC.

In September 2025, KeyBanc Capital Markets (KBCM) acted as Joint Bookrunner on Amkor Technology, Inc.’s (Amkor or the Company) offering of $500 million Senior Notes due 2033 (the Notes). Proceeds from the Notes will be used to repay the existing 6.625% Senior Notes due 2027, for general corporate purposes, and to pay related fees and expenses. 

KBCM was selected to serve as Joint Bookrunner on the offering as a result of our deep industry knowledge and High Yield Capital Markets expertise.

Amkor is the world’s largest U.S.-headquartered OSAT service provider and is a global leader in outsourced semiconductor packaging and test services. Since its founding in 1968, Amkor has pioneered the outsourcing of integrated circuit packaging and test services and is a strategic manufacturing partner for the world’s leading semiconductor companies, foundries, and electronics OEMs. Amkor provides turnkey manufacturing services for the communication, computing, automotive and industrial and consumer markets, including smartphones, data centers, artificial intelligence, electric vehicles and wearables.

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.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, successfully closed the syndication of Senior Credit Facilities for MDVIP, Inc., a portfolio company of Goldman Sachs Asset Management and Charlesbank Capital Partners.

The Credit Facilities consist of a $70 million Revolving Credit Facility and $910 million Term Loan B. Proceeds were used to refinance existing indebtedness and fund a shareholder distribution. KBCM acted as Joint Lead Arranger and Joint Bookrunner.

Founded in 2000, MDVIP is a leading provider of membership-based private healthcare services that offers members highly personalized preventative care and related services through its national network of affiliated physicians. MDVIP provides comprehensive, advanced health screenings and diagnostic tests that are not typically covered by commercial insurance or Medicare. 

GSAM is one of the world’s leading investment managers. With more than 2,000 professionals across 34 offices globally, GSAM delivers investment and advisory solutions to institutional and individual investors. Its strategies span asset classes, industries, and geographies, including fixed income, money markets, public equity, commodities, hedge funds, private equity, and real estate.

Charlesbank, founded in 1998 and based in Boston, Massachusetts, is a private equity firm focused on middle-market investments. The firm targets opportunities across a broad range of sectors, including technology, healthcare, financial services, industrials, consumer, media, and infrastructure, with a geographic focus on the U.S., Canada, Asia, Israel, and the U.K. 

On August 29, 2025, KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on a $1 billion Senior Secured Revolving Credit Facility for Bison Oil & Gas IV, LLC (Bison). Bison is a portfolio company of Quantum Capital Group. Proceeds will be used to fund the acquisition of DJ Basin assets from Civitas Resources, Inc. and for general corporate purposes.

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.