Partnership demonstrates commitment to
providing relationship clients with capital and investing in
high-return businesses
CLEVELAND, March 18,
2024 /PRNewswire/ -- Today, KeyCorp (NYSE: KEY,
"Key") announced a forward flow origination partnership with
Blackstone Credit & Insurance
("Blackstone") focused on Key's Specialty Finance Lending (SFL)
group. SFL is a leading asset-based lender serving clients
nationally across middle market, growth capital, transportation,
equipment, and other verticals. In connection with the partnership,
Blackstone and Key closed a transaction on a seed portfolio of
middle market fund finance facilities. Key will continue to
originate, hold, and provide asset management services for new
commitments across all sectors.
Randy Paine, Head of Key's
Institutional Bank said, "SFL is a highly successful business that
has been organically built over the past 15 years to serve a
dynamic and fast-growing client base with increasing financing
needs. The partnership with Blackstone, a long-trusted participant
in this sector, will accelerate the growth of the business and be
mutually beneficial to all stakeholders, especially our
clients."
"Key's SFL group is a strong franchise with deep relationships
with originators," said Rob Horn,
Global Head of Infrastructure and Asset Based Credit at Blackstone.
"We are pleased to have closed this initial transaction and look
forward to growing the relationship with SFL."
Advisors
Morgan Stanley & Co. LLC and KeyBanc Capital Markets served
as advisors to KeyBank.
About KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $188 billion
at December 31, 2023. Key provides
deposit, lending, cash management, and investment services to
individuals and businesses in 15 states under the name KeyBank
National Association through a network of approximately 1,000
branches and approximately 1,200 ATMs. Key also provides a
broad range of sophisticated corporate and investment banking
products, such as merger and acquisition advice, public and private
debt and equity, syndications, and derivatives to middle market
companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com. KeyBank is Member FDIC.
About Blackstone
Blackstone is the world's largest alternative asset manager. We
seek to deliver compelling returns for institutional and individual
investors by strengthening the companies in which we invest. Our
more than $1 trillion in assets under
management include global investment strategies focused on real
estate, private equity, infrastructure, life sciences, growth
equity, credit, real assets, secondaries, and hedge funds. Further
information is available at www.blackstone.com. Follow @blackstone
on LinkedIn, X (Twitter), and Instagram.
Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by words
such as "outlook," "goal," "objective," "plan," "expect,"
"anticipate," "intend," "project," "believe," "estimate" and other
words of similar meaning. Forward-looking statements represent
management's current expectations and forecasts regarding future
events. If underlying assumptions prove to be inaccurate or unknown
risks or uncertainties arise, actual results could vary materially
from these projections or expectations. Factors that could cause
Key's actual results to differ from those described in the
forward-looking statements can be found in KeyCorp's Form 10-K for
the year ended December 31, 2023, as
well as in KeyCorp's subsequent SEC filings, all of which have been
filed with the Securities and Exchange Commission and are available
on Key's website (www.key.com/ir) and on the Securities and
Exchange Commission's website (www.sec.gov). Forward looking
statements speak only as of the date they are made and Key does not
undertake any obligation to update the forward-looking statements
to reflect new information or future events.
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SOURCE KeyCorp
