Deals 05/18/2021

Loop Capital Markets mandated as co-manager on a $1.70 billion asset-backed securities (ABS) offering for Verizon Communications, Inc.

On May 18, 2021, Loop Capital Markets acted as an active co-manager on a three class, $1.7 billion ABS offering for Verizon Communications, Inc.  This was the inaugural use of VZ’s SEC registered ABS Master Trust. The Class A notes are rated AAA(sf)/Aaa(sf)/AAA(sf), Class B rated AA(sf)/Aa1(sf)/AA+(sf), and Class C rated A(sf)/A1(sf)/A+(sf) across 6-year tranches.

Use of proceeds are earmarked for general corporate purposes, to acquire Device Payment Plan Agreements from the Originators and the Additional Transferor, to make the initial deposit in the Reserve Account, to redeem other Credit Extensions, and to make payments of principal on any other Credit Extensions.