Loop Capital Markets Serves as Bookrunning Senior Manager for $1.705 Billion TxDOT Mobility Fund Bonds

On October 21, 2025, Loop Capital Markets served as Bookrunning Senior Manager for the Texas Department of Transportation’s (“TxDOT”) $1.705 billion State of Texas General Obligation Mobility Fund and Refunding Bonds, Series 2025, rated Aaa/AAA by Moody’s and Fitch, respectively.

Proceeds will reimburse the Mobility Fund for highway construction and expansion costs, refund a portion of outstanding 2015AB Bonds to achieve debt service savings, and cover issuance costs. Concurrently, $72 million of Taxable Series 2009A BABs will be redeemed at closing pursuant to extraordinary optional redemption provisions to create additional new-money capacity. Despite a high-supply week ($15.6 billion, 4th largest year-to-date in 2025) with numerous competing offerings (three other $1.5 billion+ issuances), Loop’s underwriting desk set the market tone for the week. The transaction received significant investor participation resulting in 4.3x subscription, with 90 unique accounts placing orders, of which 56 accounts were new investors, and 34 accounts were repeat buyers. As a result of strong investor interest, spreads were tightened by up to 8 basis points between pre-pricing and final pricing, resulting in the tightest spreads achieved over the past ten years when compared to other issues on both TxDOT’s Mobility Fund and Highway Improvement credits. Ultimately, the transaction achieved an All-In TIC of 3.783%, and NPV Savings of $106.922 million, or 12.830% of refunded par.