Allen & Overy represented regional bank and KeyCorp subsidiary, KeyBank, and broker-dealer KKR Capital Markets as lead arrangers for the $770 million acquisition financing by Zep, Inc., a leading specialty chemical goods firm and portfolio company of New Mountain Capital. The financing consists of a $550 million first lien term loan, a $45 million first lien revolving credit facility, and a $175 million second lien term loan facility. Proceeds of the loan were used to finance the acquisition, refinance existing credit facilities and finance a dividend.

Headquartered in Cleveland, Ohio, KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $136 billion at September 30, 2016.

KKR is a leading global investment firm that manages investments across multiple asset classes, including private equity, growth equity, energy, infrastructure, real estate, hedge funds and credit. 

Zep, Inc. is a leading consumable chemical packaged goods company, selling a wide variety of high-performance chemicals that help professionals and prosumers clean, maintain and protect their assets.

The Allen & Overy New York leveraged finance team was led by partners Rajani Gupta and Michael Chernick and included associates Jaimie Hughey, Jason Palios and Jessica Paletsky.