Loop Serves as Senior Manager on Berklee College of Music’s $108.950 million Refunding Revenue Bonds, Series 2026

On July 28, 2026, Loop Capital Markets (the “Firm”) served as Senior Manager for Berklee College of Music’s (the “Institution”) $108.950 million Refunding Revenue Bonds, Series 2026 (the “Bonds”) issued through the Massachusetts Development Finance Agency. The financing was rated A2 (Stable) and A (Stable) by Moody’s and S&P, respectively. Proceeds will be used to (i) current refund the Institution’s Series 2016 Revenue Bonds and (ii) pay costs of issuance of the Bonds. The Bonds were structured as tax-exempt serial bonds with 5.00% coupons maturing annually from 2027 through 2039 and 2042 through 2046, subject to a 10-year par call.

Leading up to the week of pricing, municipals sold off broadly (MMD up 16-22 bps over the week) as Brent crossed $100/barrel and the Iran conflict showed no signs of resolution. Volatility peaked on July 23rd with a 12-bps cut to MMD across the curve and treasury yields surging between 2-6 bps. Given the FOMC meeting on July 29th, the Bonds priced amid a modest weekly issuance calendar with roughly $7.5 billion of expected municipal supply.

The Firm developed a comprehensive electronic investor roadshow viewed by 65 unique investors, with 45 investors ultimately participating in the transaction including major mutual funds, SMAs, hedge funds, arbitrage accounts, and insurance companies. The Firm generated over $963.455 million of total orders (8.9x oversubscription) with greatest investor support in years 2034-2039 and 2045-2046. As a result of the robust investor demand, spreads were tightened by 3-13 bps in the front end of the curve (2027-2036 maturities) and by 6-15 bps in the middle part of the curve (2037-2046 maturities). Overall, the transaction provided the Institution with $8.433 million of PV savings or 7.20% of the refunded par amount.