Consumer & Retail

In June 2023, KeyBanc Capital Markets (KBCM) successfully closed on $5 billion of Senior Notes for CVS Health Corporation. KBCM served as Co-Manager on the transaction.

In February 2023, KeyBanc Capital Markets (KBCM) successfully closed on $300 million of Senior Secured Credit Facilities for Cedar Fair, L.P. KBCM served as Joint Lead Arranger, Joint Bookrunner and Co-Documentation Agent on the transaction.

On February 8, 2023, KeyBanc Capital Markets (KBCM) closed on a $60 Million Follow-On Offering for Purple Innovation, Inc. (Purple or the Company). KBCM served as Active Bookrunner on the transaction. The proceeds will be used to repay outstanding debt under the Company's term loan, open new showrooms, build out its inventory to reduce delivery time for recently launched mattresses, and other general corporate purposes.

Purple is a digitally native vertical brand that designs and manufactures a variety of innovative, branded, and premium comfort products, including mattresses, pillows, cushions, bases and sheets. The Company markets and sells its products through direct-to-consumer e-commerce and Purple retail showrooms, as well as through retail brick and mortar wholesale partners.

On February 6, 2023, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of a new $2.5 billion Senior Secured First Lien Term Loan B (the TLB) for Caesars Entertainment, Inc. (CEI or the Company). Proceeds of the TLB will be used in combination with $2 billion of senior secured notes to refinance existing debt and for general corporate purposes. KBCM acted as Co-Manager on the transaction.

Caesars Entertainment, Inc. is the largest casino-entertainment company in the U.S. and one of the world’s most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, CEI has grown through development of new resorts, expansions and acquisitions. CEI’s resorts operate primarily under the Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand names. The Company offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences.

On October 5, 2022, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of $3 billion Senior Secured Credit Facilities (the Facilities) for Caesars Entertainment, Inc. (Caesars or the Company). The Facilities consist of a $2.25 billion Revolving Credit Facility and a $750 million Term Loan A Facility. Proceeds will be used to refinance existing indebtedness and fund general corporate purposes. KBCM acted as Syndication Agent on the transaction.

Caesars is the largest casino-entertainment company in the United States and one of the world's most diversified casino-entertainment providers. Since its 1937 beginning in Reno, NV, the Company has grown through development of new resorts, expansions and acquisitions. Currently Caesars owns, leases or manages over 50 domestic properties in 16 states with approximately 55,700 slot machines, 2,900 table games and over 47,700 hotel rooms. Their resorts operate primarily under the Caesars®, Harrah's®, Horseshoe®, and Eldorado® brand names. The Company also offers a full suite of mobile and online gaming and sports betting experiences.

On September 2, 2022, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of a $600 million Delayed Draw Term Loan and an amendment of the existing Revolver to accommodate a new $700 million Bridge Revolver tranche for Gaming and Leisure Properties, Inc. (GLPI or the Company). The pro forma Credit Facilities consist of a $1,050 million Revolver, a $700 million Bridge Revolver and a $600 million Delayed Draw Term Loan. Proceeds from the Credit Facilities will be used to acquire certain assets of Bally’s Corporation, among other uses. KBCM acted as Joint Lead Arranger and Joint Bookrunner on the transaction.

Gaming and Leisure Properties is a Pennsylvania-based real estate investment trust. The Company is engaged in the business of acquiring, financing and owning real estate property to be leased to gaming operators in triple net lease arrangements. GLPI’s portfolio currently consists of 57 gaming and related facilities, which are geographically diversified across 17 states. Its tenants include Penn National Gaming, Caesars Entertainment, Boyd Gaming Corporation, Bally’s Corporation, and the Cordish Companies.

On July 28, 2022, KeyBanc Capital Markets (KBCM) successfully closed $280 million of Senior Secured Credit Facilities (the Credit Facilities) for Intralot, Inc. (Intralot or the Company). The Credit Facilities consist of a $50 million Senior Secured Revolving Credit Facility and a $230 million Senior Secured Term Loan. Proceeds from the Credit Facilities will be used to refinance the Company’s existing debt, provide working capital and pay fees & expenses. The oversubscribed transaction represents Intralot’s debut transaction in the syndicated loan market. KBCM acted as Left Lead Arranger, Joint Bookrunner, and Administrative Agent on the transaction.

Founded in 2001 and headquartered in Duluth, Georgia, Intralot is one of the only three vendors in the United States who holds contracts with the state lotteries for the supply of online gaming systems, retailer communication networks and point-of-sale equipment, such as terminals and vending machines. The Company has a diverse and stable portfolio of long-term contracts across 14 jurisdictions, including Canada, the Philippines, 11 U.S. States and the District of Columbia. Intralot is a subsidiary of Intralot S.A., a publicly traded corporation on the Athens Stock Exchange (ATSE: INLOT).

On July 13, 2022, KeyBank successfully closed $10 million of Senior Secured Credit Facilities for RUDIS. Proceeds from the facilities will be used to provide additional capital to support their continued growth trajectory and seasonal borrowing requirements. KeyBank acted as Sole Lender on the transactions.

Founded in 2013, RUDIS has become one of the premier wrestling outfitters in North America and one of the fastest growing sports apparel brands in the United States. From scrappy beginners to Olympic Champions, RUDIS is known throughout the sport for both reliability and innovation. They outfit athletes with premium wrestling gear, apparel, wresting shoes, and training shoes.

On July 1, 2022, KeyBanc Capital Markets (KBCM) successfully priced $355 million of Asset-Backed Notes, Series 2022-1, in a whole business ABS transaction for FOCUS Brands, LLC (the Company), representing the Company's third 144A/Reg S securitization. KBCM acted as Joint Bookrunner on the transaction.

On May 3, 2022, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of $2.55 billion of Senior Secured Credit Facilities (the Facilities) for Penn National Gaming, Inc. (Penn National or the Company). The Facilities consist of a $1 billion Revolving Credit Facility, a $550 million Term Loan A Facility and a $1 billion Term Loan B Facility. Proceeds from the Facilities will be used to refinance existing indebtedness. KBCM acted as Joint Lead Arranger and Co-Documentation Agent on the transaction.

Penn National Gaming, Inc. (Nasdaq: PENN) is North America’s leading provider of integrated entertainment, sports content and casino gaming experiences. A member of the S&P 500®, Penn operates 44 properties in 20 states, online sports betting in 13 jurisdictions and iCasino in five under a portfolio of well-recognized brands including Hollywood Casino®, L’Auberge®, Barstool Sportsbook® and theScore Bet®. Penn’s highly differentiated strategy, which is focused on organic cross-sell opportunities, is reinforced by its investments in owned technology, including a state-of-the-art media and betting platform and an in-house iCasino content studio. The Company’s portfolio is further bolstered by its industry-leading mychoice customer loyalty program, which offers its over 25 million members a unique set of rewards and experiences across business channels. Penn is deeply committed to fostering a culture that welcomes a diverse set of customers and dedicated team members . The Company has been consistently ranked in the top two as “Employer of First Choice” over the last nine years in the Bristol Associates - Spectrum Gaming’s Executive Satisfaction Survey. In addition, as a long- standing good corporate citizen, Penn is also committed to being a trusted and valued member of its communities and a responsible steward of our finite natural resources.

On April 14, 2022, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of $50 million Senior Secured Credit Facilities (the Credit Facilities) for Danville Development, LLC dba Golden Nugget Danville (the Company), consisting of a $5 million Revolver and a $45 million Delayed Draw Term Loan A. Proceeds from the Credit Facilities will be used to finance the Company’s development of a new $100 million casino and fund ongoing working capital needs. KBCM served as Left Lead Arranger, Sole Bookrunner and Administrative Agent on the transaction.

Located in Danville, Illinois, the casino will feature a 41,500 square foot gaming floor with 480 slot machines, 14 table games, two restaurants, including a Saltgrass Steak House, and a sports bar and sportsbook. The Company will also offer an online gaming and digital sports betting platform through DraftKings. The casino is expected to open in March 2023 following a 12-month construction period.

On March 30, 2022, Churchill Downs Incorporated (the Company) priced $1.2 billion of 5.750% Senior Notes due 2030 (the Notes). The Company plans to use the proceeds from the Notes to fund the acquisition of Peninsula Pacific Entertainment LLC. KeyBanc Capital Markets acted as a Co-Manager on the transaction.