KEYBANK AND BEACH POINT CAPITAL MANAGEMENT LAUNCH $1.5 BILLION MIDDLE MARKET DIRECT LENDING PROGRAM

Rhea-AI Summary

KeyBank and Beach Point Capital Management have established a new joint venture middle market direct lending program with $1.5 billion in lending capacity for U.S. middle market clients. The program offers flexible loans to middle market borrowers in industries such as industrial, healthcare, consumer, and technology sectors.

Positive

• The KeyBank Beach Point Direct Lending Program provides a competitive financing solution with a seamless execution for middle market clients.
• The program offers flexibility in loan structure, expediting closing and providing certainty of execution.
• KeyBank Beach Point Direct Lending borrowers will benefit from a single lending entity.
• The program spans industries where KeyBank and Beach Point have expertise and relationships.

Negative

• None.

KeyBank Beach Point Direct Lending Program will combine complimentary sourcing, underwriting and structuring capabilities for middle market borrowers

CLEVELAND and SANTA MONICA, Calif., May 12, 2022 /PRNewswire/ -- KeyBank and Beach Point Capital Management ("Beach Point"), a credit focused investment manager, announced that they have established a new joint venture middle market direct lending program with $1.5 billion in lending capacity for U.S. middle market clients.

The KeyBank Beach Point Direct Lending Program offers loans with flexibility in structure to middle market borrowers. This approach expedites closing and certainty of execution, and KeyBank Beach Point Direct Lending borrowers will benefit from a single lending entity. The direct lending program will span industries where KeyBank and Beach Point have deep expertise and relationships, including the industrial, healthcare, consumer, and technology sectors.

"This product will provide a competitive financing solution with a seamless, streamlined execution for our middle market clients," said KeyBank Beach Point Direct Lending Program Fund Manager Bob Scelza. "We are excited to partner with Beach Point to add a middle market direct lending program to our platform."

"We have long respected the industry lending teams at KeyBank and are thrilled to work with them to bring a differentiated and compelling direct lending solution to the middle market," said Co-Head of Private Credit at Beach Point Capital Management Michael Haynes.

Brian Himot, Co-Head of Private Credit at Beach Point Management, added: "The joint venture compliments Beach Point's larger private credit platform and is a natural extension of our success across credit markets. We are confident this initiative will deliver attractive returns for our clients and value for middle market borrowers and other stakeholders."

By offering a competitive direct lending solution, the KeyBank Beach Point Direct Lending Program will be able to deploy capital efficiently for KeyBank's middle market clients and private equity sponsors while providing attractive potential risk adjusted returns to Beach Point's investors.

About KeyCorp (NYSE: KEY)
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 $186.3 billion at December 31, 2021. 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 1,100 branches and more than 1,400 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 Beach Point Capital Management
Beach Point Capital Management is a Santa Monica, California based investment manager specializing in credit-related investments. The firm employs a flexible, value-oriented, and risk-controlled approach and focuses on complex and less followed opportunities. As of December 31, 2021, Beach Point manages $17 billion in AUM on behalf of sophisticated global institutional investors and has offices in California, New York, London, and Dublin.

Media Contacts
KeyBank
Laura Mimura
216.471.2883 / laura.mimura@key.com

Beach Point Capital Management
Prosek Partners
Josh Clarkson
203.273.7935 / jclarkson@prosek.com 

 

View original content:https://www.prnewswire.com/news-releases/keybank-and-beach-point-capital-management-launch-1-5-billion-middle-market-direct-lending-program-301546261.html

SOURCE Beach Point Capital Management

FAQ

What is the KeyBank Beach Point Direct Lending Program?

The KeyBank Beach Point Direct Lending Program is a joint venture middle market direct lending program established by KeyBank and Beach Point Capital Management.

How much lending capacity does the program have?

The program has $1.5 billion in lending capacity for U.S. middle market clients.

What industries does the program serve?

The program serves industries such as industrial, healthcare, consumer, and technology sectors.

What are the benefits for borrowers?

Borrowers will benefit from a single lending entity and a competitive financing solution with a seamless execution.

Who are the partners in the joint venture?

The partners in the joint venture are KeyBank and Beach Point Capital Management.