Loop Capital Markets served as senior manager for City of Cleveland, Ohio’s $341.675 million Airport System Revenue Bonds, Series 2019 transaction

On September 16 and 17, 2019, the Firm served as book-running senior manager on the City of Cleveland, Ohio’s (the “City”) $341.675 million Airport System Revenue Bonds, Series 2019. The transaction was comprised of three tranches: (i) $301.665 million Airport System Revenue Bonds, Series 2019A (Taxable); (ii) $34.605 million Airport System Revenue Bonds, Series 2019B (AMT) and (iii) $5.405 million Airport System Revenue Bonds, Series 2019C (Non-AMT) (collectively, the “Series 2019 Bonds”). Recognizing the market was nearing all-time lows, the Firm presented the City with the idea to advance refund its existing bonds on a taxable basis for savings and to fix-out its variable rate debt. With an aggressive four-week timeline from kick-off to pricing, the Firm worked in conjunction with the City and its advisors to successfully execute the transaction. The Series 2019 Bonds were rated A2 (Stable) / A (Stable) / A- (Stable) by Moody’s, S&P and Fitch, respectively.