Loop Capital Markets Serves as Bookrunning Senior Manager for Community College District Number 508’s (City Colleges of Chicago) $186,565,000 Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues), Series 2024

On January 9, 2024, the Community College District Number 508 (City Colleges of Chicago) (the “District”) sold its $186.565 million Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues), Series 2024 (the “Bonds”) with Loop Capital Markets serving as Bookrunning Senior Manager. The Bonds had underlying ratings of BBB+/A+ by S&P and Fitch, respectively, and an insured rating of AA by S&P. The Bonds were issued to refund the District’s Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2013, pay the premium for the Bond Insurance Policy, and pay costs of issuance of the Bonds. The transaction was insured by Build America Mutual Assurance Company.

Working in conjunction with the District’s finance team, the Firm crafted an investor presentation, which was viewed by 53 investors. Loop Capital Markets provided an institutional holders analysis to the District to identify investor targets. Throughout the pre-marketing process, the Firm provided the District with investor feedback, including investors expected to place orders and the rationale from non-participating accounts. The Firm’s strong distribution capabilities led to a successful institutional order period with $1.195 billion in orders being submitted resulting in 6.4x oversubscription.

Given favorable market conditions, the Firm decided to accelerate pricing by one day. Due to strong investor demand, spreads were tightened between 3 and 11 basis points. Ultimately, the Bonds achieved an All-In TIC of 3.924% and generated $25.534 million in present value savings or 12.362% of the refunded bonds.