On September 11, 2025, Loop Capital Markets served as Senior Manager on the Board of Education of the City of Chicago’s (the “Board”) $650 million Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2025A (the “Bonds”). The Bonds are rated BB+ (Stable) and BBB (Negative) by S&P and Kroll, respectively. Proceeds of the Bonds will be used to finance the continued implementation of the Board’s capital improvement program, fund capitalized interest, and pay costs of issuance on the Bonds.
The Bonds were the Board’s first issuance since 2023 and came on the heels of a contentious budget process that garnered national media attention. The Firm structured the Bonds as term bonds maturing in 2050 with bifurcated coupons – 5.75% (discount) and 6.25% (premium), wrapping around existing debt service with a 10-year par call. Leading up to the week of pricing, poor labor market data caused a rally in credit markets with investors expecting the Fed to cut rates during the September 16th FOMC meeting.
Loop Capital Markets assisted the Board in creating a comprehensive electronic investor roadshow, which was viewed by 44 unique investors. The Firm also coordinated one-on-one investor calls between the Board and 23 prospective investors, of which 13 submitted orders. The Firm provided the Board with a detailed read sheet summarizing investor engagement and participation potential.
The Firm generated over $2.7 billion in priority orders. Given the strong results of the order period, the Firm was able to tighten spreads by 5 bps between pre-pricing and final pricing on both term bonds. Ultimately, the transaction achieved an All-In TIC of 5.949% with an average life of 23.768 years.
On August 27, 2025, Loop Capital Markets served as Senior Manager for the Pennsylvania Turnpike Commission’s (the “Commission”) $600 million financing, which included $343.740 million Turnpike Revenue Bonds, Series B of 2025 (the “2025B Bonds”) and $256.260 million Turnpike Revenue Refunding Bonds, Third Series of 2025 (the “Third Series Bonds”). The Bonds received strong credits ratings of Aa3 (Stable) by Moody’s, AA- (Stable) by S&P, AA- (Stable) by Fitch, and AA- (Stable) by Kroll.
Proceeds from the transaction will be used to fund or reimburse capital expenditures set forth in the Commission’s current $7.5 billion ten-year capital plan, make a deposit to the Debt Service Reserve Fund, and cover issuance costs. The Third Series Bonds will be used to finance the current refunding of the Commission’s callable Turnpike Senior Revenue Bonds, Series B of 2015, generating debt service savings and covering issuance expenses.
The transaction was structured as fixed rate bonds and $101.735 million of Third Series Bonds structured as soft put bonds (the longest soft put bonds issued in 2025 YTD) that allowed the Commission to take advantage of lower interest rates at earlier spots along the yield curve to reduce debt service, as well as provide additional call optionality.
The Firm’s banking team worked closely with the Commission to develop a comprehensive electronic investor roadshow; despite the proximity to the Labor Day holiday, Loop’s robust marketing efforts resulted in 78 unique investors. The transaction generated $2.26 billion in total orders, representing a 3.8x oversubscription, with the strongest demand concentrated in maturities from 2040 to 2055. Based on this investor demand, Loop was able to tighten spreads from 1-8 basis points across several maturities between pre-pricing and final pricing. Ultimately, the transaction achieved an All-In TIC of 4.49% and generated $26.11 million in PV savings for the Commission, representing 9.29% of refunded par. By utilizing the soft put bond, PV savings increased by $7.6 million, or 2.7%, versus a full fixed rate structure. The Series 2025 Bonds represent the fifth transaction for the Commission where Loop has served as bookrunning or joint senior manager over the past five years.
On July 31, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1.3 billion senior unsecured notes offering for Bunge Limited Finance Corp. The bonds are rated Baa1/A-/BBB+ across 5- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes, debt repayment, capital expenditure and working capital.
On July 28, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1 billion senior unsecured notes offering for Welltower OP LLC. The bonds are rated A3/A- across 5- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On July 28, 2025, Loop Capital Markets acted as a co-manager on a $600 million fixed/floating rate senior unsecured offering for Ally Financial Inc. The 8-year bond is rated Baa3/BBB-/BBB-.
Use of proceeds are earmarked for general corporate purposes.
On July 22, 2025, Loop Capital Markets acted as a co-manager on a $1.1 billion IPO for NIQ Global Intelligence plc.
Use of proceeds are earmarked for general corporate purposes, capital expenditure and working capital.
On July 21, 2025, Loop Capital Markets acted as a co-manager on a four-tranche, $3.5 billion senior unsecured notes offering for PepsiCo, Inc. The bonds are rated A1/A+ across 3-, 5-, 7- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On July 16, 2025, Loop Capital Markets acted as a junior co-manager on a $2.7 billion high yield perpetual preferred stock offering for Citigroup Inc. The securities are rated Ba1/BB+/BBB-.
Use of proceeds are earmarked for general corporate purposes.
On July 14, 2025, Loop Capital Markets acted as a co-manager on a $500 million high yield senior unsecured notes offering for Macy’s Retail Holdings LLC. The 8-year bond is rated Ba2/BB+/BBB-.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On July 10, 2025, Loop Capital Markets acted as a co-manager on a $750 million senior unsecured notes offering for Aviation Capital Group LLC. The 5-year bond is rated Baa2/BBB-.
Use of proceeds are earmarked for general corporate purposes.
