Loop Capital Markets Served as Sole Underwriter for Stockton Unified School District’s $140 Million GO Bonds, 2022 Election, 2025 Series A

On May 7, 2025, Loop Capital Markets served as Sole Underwriter for Stockton Unified School District’s $140 million General Obligation Bonds, 2022 Election, 2025 Series A (the “Bonds”) rated Aa3 (stable) by Moody’s and AA (BAM insured) by S&P. Proceeds of the Bonds will be applied to finance the acquisition, construction, furnishing and equipping of District facilities authorized by District voters at an election held in November 2022 (Measure C). The Bonds represent the first issuance under Measure C. Loop’s banking team participated on the Moody’s rating agency call which resulted in an upgrade from a negative outlook to a stable outlook given the District’s steps taken to strengthen internal controls, policies, and procedures. To assist in the marketing effort, our banking team researched the existing top reporting holders of the District’s outstanding GO Bonds, and our underwriting/sales team started their pre-marketing efforts by looking back at the buyers of the District’s April 2024 Refunding that Loop had previously sole managed. Although originally scheduled to price on May 8th, Loop’s underwriting desk saw an opportunity to accelerate and recommended pricing ahead of the May 7th FOMC rate decision – which recommendation the District and its MA followed. Loop’s sales force generated over $789 million in orders from 32 unique accounts (5.6x oversubscription). This included 25 new investors (not previously reporting holders of the District’s GO Bonds) and seven repeat buyers. Our desk was able to leverage the size and diversity of the order book to tighten spreads across the curve by as much as seven bps from the release scale to final pricing. The Bonds achieved an All-In-TIC of 4.41% which was 37 bps lower than the estimated all-in cost that was presented to the Board in the authorizing Resolution.