Loop Capital Markets Served as Bookrunning Senior Manager on the Pennsylvania Turnpike Commission’s $600 Million Turnpike Revenue Bonds, Series B of 2025 & Turnpike Revenue Refunding Bonds, Third Series of 2025

On August 27, 2025, Loop Capital Markets served as Senior Manager for the Pennsylvania Turnpike Commission’s (the “Commission”) $600 million financing, which included $343.740 million Turnpike Revenue Bonds, Series B of 2025 (the “2025B Bonds”) and $256.260 million Turnpike Revenue Refunding Bonds, Third Series of 2025 (the “Third Series Bonds”). The Bonds received strong credits ratings of Aa3 (Stable) by Moody’s, AA- (Stable) by S&P, AA- (Stable) by Fitch, and AA- (Stable) by Kroll.

Proceeds from the transaction will be used to fund or reimburse capital expenditures set forth in the Commission’s current $7.5 billion ten-year capital plan, make a deposit to the Debt Service Reserve Fund, and cover issuance costs. The Third Series Bonds will be used to finance the current refunding of the Commission’s callable Turnpike Senior Revenue Bonds, Series B of 2015, generating debt service savings and covering issuance expenses.

The transaction was structured as fixed rate bonds and $101.735 million of Third Series Bonds structured as soft put bonds (the longest soft put bonds issued in 2025 YTD) that allowed the Commission to take advantage of lower interest rates at earlier spots along the yield curve to reduce debt service, as well as provide additional call optionality.

The Firm’s banking team worked closely with the Commission to develop a comprehensive electronic investor roadshow; despite the proximity to the Labor Day holiday, Loop’s robust marketing efforts resulted in 78 unique investors. The transaction generated $2.26 billion in total orders, representing a 3.8x oversubscription, with the strongest demand concentrated in maturities from 2040 to 2055. Based on this investor demand, Loop was able to tighten spreads from 1-8 basis points across several maturities between pre-pricing and final pricing. Ultimately, the transaction achieved an All-In TIC of 4.49% and generated $26.11 million in PV savings for the Commission, representing 9.29% of refunded par. By utilizing the soft put bond, PV savings increased by $7.6 million, or 2.7%, versus a full fixed rate structure. The Series 2025 Bonds represent the fifth transaction for the Commission where Loop has served as bookrunning or joint senior manager over the past five years.