Southern Ute Indian Tribe

Overview

Deal Type Debt Capital Markets
Size $300 Million
Revolving Credit Facility
Client & Transactional Partners Southern Ute Indian Tribe
Our Role Participant

Summary

About the Transaction:
On April 21, 2023, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of a new $300 million Revolving Credit Facility (the “Revolver”) for the Southern Ute Indian Tribe of the Southern Ute Indian Reservation, Colorado (“SUIT” or the “Tribe”). The Revolver is an unsecured General Obligation of the AAA-rated Tribe and will be used by the Southern Ute Growth Fund (SUGF) for general corporate purposes, including acquisitions, investments, and working capital.

This financing represents KBCM’s first debt transaction with the Tribe. KBCM was selected to participate because of its extensive knowledge and experience in the Native American Financial Services industry and robust debt capital markets capabilities.

About SUIT:
The Southern Ute Indian Tribe lies to the south and east of Durango, Colorado. The Southern Ute Reservation is situated on a 1,064 square mile (681,000 acres) reservation. Currently, the Tribe has ~1,475 enrolled members who reside both on and off the reservation. The Tribe operates several businesses on and off Reservation including oil and gas production, natural gas gathering, real estate development, housing construction, and gaming.

SUGF is the division of the Tribe charged with overseeing the Tribe’s diversified commercial activities on and off the Southern Ute Indian Reservation, excluding the Sky Ute Casino Resort. SUGF owns and operates a portfolio of companies and investments spread out over 14 states and the Gulf of Mexico.

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