Loop Capital Markets served as Senior Manager on Wayne County Airport Authority’s $289.185 Million Airport Revenue Bonds, Series 2025A-C

On June 12, 2025, Loop Capital Markets served as Senior Manager for Wayne County Airport Authority’s (the “Authority”) $289,185,000 Airport Revenue Bonds, Series 2025A-C (the “Bonds”). The Bonds were composed of three series: $162,045,000 Series 2025A (“Series A”), $65,915,000 Series 2025B (“Series B”), and $61,225,000 Series 2025C (“Series C”). The Bonds were rated A1 (Stable) by Moody’s, A+ (Stable/Upgraded) by S&P, and AA (Stable) by Kroll.

Proceeds from the transaction will be used to finance capital improvements at Detroit Metropolitan Airport, including paying the costs of acquiring, constructing, and installing the Authority projects, and to refund all of the Authority’s callable Series 2014B Bonds.

The Firm’s bankers worked closely with the Authority and its municipal advisors to evaluate the use of insurance, with the Authority ultimately deciding not to utilize insurance. Series A & B Bonds were structured as serial bonds maturing annually from 2029 through 2045 and a term bond maturing in 2050. Series C Bonds were structured as serial bonds maturing annually from 2029 through 2044. The Bonds are subject to a 10-year par call, and a mix of coupons were utilized to maximize investor diverse investor interest.

Loop’s banking team created a comprehensive electronic investor roadshow, which was viewed by 49 perspective investors of which 10 were among the Authority’s top 20 holders. Upon concurrent posting of the POS and Investor Roadshow on June 5th, Loop’s salesforce began pre-marketing the transaction to prospective buyers. Throughout the pre-marketing process, the Firm provided the Authority investor feedback, summarizing accounts expected to place orders and the rationale from non-participating investors.

Loop’s robust marketing efforts resulted in 65 unique investors participating in the transaction. Prior to adjustments, the Firm generated over $2.09 billion of total orders (7.1x oversubscription) with strong investor appetite in years 2034-2037, and 2042, with the highest demand in the year 2050. Given the strong demand from buyers across the curve, the Firm was able to tighten spreads by 2-16 bps along the curve between preliminary pricing and final pricing. These pricing adjustments provided an additional $264,913 of PV savings for the Authority. Ultimately, the transaction achieved an All-In TIC of 4.70% and produced $4.41 million of total PV savings, or 6.71% of refunded par.