Native American

On November 29, 2022, KeyBanc Capital Markets successfully closed a $100 million Senior Secured Revolving Credit Facility for Seneca Gaming Corporation, who owns and operators three gaming facilities. The Revolver will be used to refinance and replace the existing revolving credit facility and to fund ongoing working capital needs.

Seneca selected KBCM as Lead Arranger, Bookrunner and Administrative Agent as a result of its long-standing relationship with KeyBank’s Native American Financial Services team.

The combined gaming operation includes approximately 270,000 square feet of Class III gaming space, approximately 5,300 slot machines and 125 table games. The casino properties include two luxury hotels with over 1,000 rooms, full-service luxury spas, salons, and fitness center; retail stores, and multipurpose event centers that host some of the most popular entertainers in the country. SGC also operates Seneca Hickory Stick Golf Course, an 18-hole championship golf course in Lewiston, New York, designed by Robert Trent Jones II.

About Seneca Nation of Indians:

The Seneca Nation of Indians has a proud and rich history. The Seneca Nation is the largest of six Native American nations in New York State and has a population of over 8,000 enrolled members. Seneca Nation is the fifth largest employer in Western New York, creating thousands of new jobs and investing hundreds of millions of dollars to bolster the region’s and New York State’s economy.

About Seneca Gaming Corporation:

Formed on August 1, 2002, Seneca Gaming Corporation (SGC) is a wholly owned, tribally chartered corporation of the Seneca Nation of Indians. SGC currently operates three Class III gaming facilities in Western New York, including Seneca Niagara Resort & Casino in Niagara Falls, New York; Seneca Allegany Resort & Casino in Salamanca, New York; and Seneca Buffalo Creek Casino in Buffalo, New York.

On May 2, 2022, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of a $150 million Senior Secured Revolving Credit Facility (the Revolver) for Gun Lake Tribal Gaming Authority, a wholly owned instrumentality of the Match-E-Be-Nash-She-Wish Band of the Pottawatomi Indians. Proceeds from the Revolver will be used to refinance existing indebtedness, finance certain construction projects and fund working capital needs. KBCM acted as Joint Lead Arranger, Joint Bookrunner and Administrative Agent on the transaction.

Match-E-Be-Nash-She-Wish Band of the Pottawatomi Indians of Michigan Tribe is a federally recognized Indian tribe with over 575 enrolled members. Its primary reservation is ~1350 acres and is in southwestern Michigan, approximately 25 miles south of Grand Rapids and 27 miles north of Kalamazoo.

Gun Lake Casino, established in 2011, is a premiere gaming and entertainment destination in Wayland, Michigan. Following its most recent expansion in 2021, the Casino offers over 200,000 square feet of gaming space and includes over 2,500 slot machines, 49 table games and a sportsbook. The property also features eight food and beverage outlets including the 300-seat Harvest Buffet, 131 sports bar and lounge, CBK Brewpub and Shkodé Chophouse, as well as a live music venue. 

On Wednesday, December 15, 2021, KBCM closed on the Hydroelectric Revenue Bonds, Series 2021 (Pelton-Round Butte Project) (Taxable Fixed Rate) (Green Bonds) (the “2021 Bonds”), for the Confederated Tribes of the Warm Springs Reservation of Oregon (the “Tribe”). KBCM served as sole initial purchaser for the issuance, which totaled $40,955,000 in par. The proceeds of the 2021 Bonds will be used to finance the Tribe’s first purchase option (the “First Purchase Option”), acquire an additional undivided 16.66% interest in the Pelton Project, fund a debt service reserve account, and pay costs of issuance.

KBCM assisted the Tribe through all stages of the financing – including securing the rating for the Bonds, sizing and structuring the offering, and selling the debt at the lowest possible borrowing cost. The Tribe’s A3 (stable) rating is among the highest ratings ever earned by a tribal entity. During the marketing process, KBCM used its accumulated knowledge of accounts that buy tribal bond offerings to hone in on target accounts. KBCM’s marketing effort resulted in a favorable outcome for the Tribe; the all-in true interest cost for the 2021 Bonds was ~3.26%, lower than the Tribe’s prior issue.

The Confederated Tribes of the Warm Springs Reservation of Oregon is a federally recognized, self-governing sovereign Indian tribe consisting of three Indian tribal groups: the Warm Springs, the Wasco and the Paiute. The Tribe has 5,324 members, the vast majority of whom reside on the Tribe’s Reservation.

The Pelton Project, composed of three sequential dams (the Round Butte Dam, the Pelton Dam and the Reregulating Dam) (the “Jointly Owned Facilities”) and certain related generating and transmission facilities, is located on the Deschutes River along the Reservation boundary in central Oregon.

On December 10, 2021, KeyBanc Capital Markets (“KBCM") successfully closed on the syndication of a $300 Million Senior Secured Term Loan Facility (the “Credit Facility”) for the Downstream Development Authority, a wholly-owned unincorporated instrumentality of the Quapaw Tribe of Oklahoma. Proceeds of the Credit Facility will be used to refinance existing indebtedness. KBCM was selected to participate as Co-Syndication Agent in the transaction due to its longstanding relationship with the Tribe and extensive knowledge and experience in the Native American Financial Services industry.

The Quapaw Tribe (the "Tribe") is a self-governing, federally recognized Indian tribe with approximately 5,500 enrolled members as of June 30, 2021. The Tribe, through Downstream Development Authority, owns and operates the Downstream Casino Resort (the “Casino”). The Casino is situated on a portion of the Tribe’s 220 contiguous acres in Ottawa County, Oklahoma, adjacent to Interstate 4, making it the first casino facility accessible to travelers from Missouri to Oklahoma.

The Casino is the premier casino resort in its market area for patrons seeking a Las Vegas-style gaming experience at an upscale, full-service property. The Casino is open 24 hours a day, seven days a week and includes a 70,000 square-foot gaming floor and a highly visible two tower, luxury hotel with 374 guestrooms and suites, modeled with elegant décor reflective of the Tribe’s history and culture. The casino floor features 1,037 Class III and 569 Class II slot machines, 32 table games and 14 poker tables. The property also includes six high quality restaurants, a heated outdoor pool area featuring a bar, cabanas and a hot tub, retail space and adjacent parking with approximately 2,200 spaces and complimentary valet services.