Loop Capital Markets Served as Bookrunning Senior Manager on the Board of Education of the City of Chicago’s $650 Million Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2025A

On September 11, 2025, Loop Capital Markets served as Senior Manager on the Board of Education of the City of Chicago’s (the “Board”) $650 million Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2025A (the “Bonds”). The Bonds are rated BB+ (Stable) and BBB (Negative) by S&P and Kroll, respectively. Proceeds of the Bonds will be used to finance the continued implementation of the Board’s capital improvement program, fund capitalized interest, and pay costs of issuance on the Bonds. 

The Bonds were the Board’s first issuance since 2023 and came on the heels of a contentious budget process that garnered national media attention. The Firm structured the Bonds as term bonds maturing in 2050 with bifurcated coupons – 5.75% (discount) and 6.25% (premium), wrapping around existing debt service with a 10-year par call. Leading up to the week of pricing, poor labor market data caused a rally in credit markets with investors expecting the Fed to cut rates during the September 16th FOMC meeting. 

Loop Capital Markets assisted the Board in creating a comprehensive electronic investor roadshow, which was viewed by 44 unique investors. The Firm also coordinated one-on-one investor calls between the Board and 23 prospective investors, of which 13 submitted orders. The Firm provided the Board with a detailed read sheet summarizing investor engagement and participation potential. 

The Firm generated over $2.7 billion in priority orders. Given the strong results of the order period, the Firm was able to tighten spreads by 5 bps between pre-pricing and final pricing on both term bonds. Ultimately, the transaction achieved an All-In TIC of 5.949% with an average life of 23.768 years.