Loop Serves as Bookrunner and Dealer Manager for the City of Atlanta’s $1.116 Billion Water & Wastewater Subordinate Revenue and Revenue Refunding Bonds, Series 2026

On May 12th, 2026, Loop Capital Markets (the “Firm”) served as Bookrunning Senior Manager and Dealer Manager on the City of Atlanta’s (the “City”) $1.116 billion Water and Wastewater Subordinate Revenue and Revenue Refunding Bonds, Series 2026 (Sustainability Bonds). This transaction represented the capstone financing of the City’s multi-decade long consent decree with the U.S. EPA. The financing was rated Aa3 (Stable), AA- (Stable), and AA- (Stable) by Moody’s, S&P, and Kroll, respectively.

Proceeds of the transaction will be used to (i) fund the tender offer; (ii) takeout commercial paper; (iii) refund bonds that are currently callable; (iv) finance certain improvements to the Water system; (v) escrow to maturity select taxable bonds where underlying advance escrows have expired; and (vi) pay costs of issuance of the transaction.

The Firm crafted an electronic investor roadshow that was viewed by 117 investors with ~40 of these accounts having participated in the transaction.

As Dealer Manager on the tender, $789.595 million were offered (targeting bonds not defeased in 2024) and $197.165 million were tendered, equating to 25% participation.

In aggregate, the transaction achieved $90.252 million of NPV savings, or 9.309% of refunded par. The Firm showed market leadership by maintaining spreads between pre-marketing and pre-pricing despite a weaker tone in the Municipal and Treasury markets (other competing transactions widened spreads). Market sentiment was driven by higher-than-expected CPI that printed on the morning of pricing, coupled with hangover volatility from the fragile ceasefire with Iran. 118 unique investor accounts participated in the transaction (including several investors headquartered internationally), generating $5.3 billion of priority orders, resulting in 4.8x oversubscription. As a result of oversubscription, spreads were tightened by 2 to 15 bps across the curve. Conversely, MMD closed upwards of 5 bps higher on the day. $1.6 billion of orders dropped following re-pricing, resulting in final oversubscription of 3.3x.