On June 5, 2025, Loop Capital Markets served as Sole Underwriter for Iona University’s (the “University”) $74.815 million Revenue Bonds, Series 2025 (the “Bonds”) issued through the Dormitory Authority of the State of New York (“DASNY”). The Bonds have underlying ratings of “Baa2″ (Stable) by Moody’s and “BBB” (Stable) by S&P and carry enhanced Moody’s and S&P ratings of “A1” and “AA”, respectively, based on bond insurance provided by Assured Guaranty.
Proceeds will be used to (i) finance a portion of the costs of the Series 2025 Project, which includes construction of a green space as well as renovations and improvements to various student residential buildings, residence halls, student lounges, lab infrastructure and athletic facilities, (ii) refund all of the Series 2015A Bonds, (iii) refund all of the outstanding term loan from Bank of America, N.A. to the University in the original principal amount of $15,000,000 and (iv) pay costs of issuance. The Bonds were structured as tax-exempt serial bonds maturing annually from 2026 through 2045 and a term bond maturing in 2051.
Loop’s banking team created a comprehensive electronic investor roadshow, which was viewed by 39 unique investors. The Firm’s salesforce began pre-marketing as soon as the POS and investor roadshow were released to the market on May 22nd. Throughout the pre-marketing process, the Firm provided the University investor feedback, summarizing accounts expected to place orders and the rationale from non-participating investors. The Bonds priced amid a busy issuance calendar with roughly $19 billion of expected municipal supply ($15.8 billion negotiated and $3.1 billion competitive), marking the largest week of issuance in YTD 2025. Loop’s robust marketing efforts resulted in 37 different investors participating in the transaction. Prior to adjustments, the Firm generated over $404.5 million of total orders (5.4x oversubscription). Given strong demand from buyers, Loop was able to tighten spreads by 4-19 bps for the longer dated maturities (2037-2051) between pre-marketing and final pricing levels. These pricing adjustments provided an additional $274.1k of cash flow savings to the University. Ultimately, the transaction provided the University with $2.8 million of cash flow savings over the next five fiscal years while funding $30 million of new money projects and maintaining overall positive cash flow and PV savings.
On June 4, 2025, Loop Capital Markets served as Senior Manager on the City of Chicago’s (the “City”) $695.380 million General Obligation Bonds, Series 2025ABCDE (the “Bonds”). The Bonds are rated BBB (Stable) / A- (Negative) / A- (Negative) by S&P, Fitch and Kroll, respectively, with an enhanced rating of AA (Stable) by S&P for maturities 2046 in Series 2025A and 2043 in Series 2025E that are insured by BAM.
Proceeds of the Bonds will be used to finance portions of certain projects that are part of the City’s capital improvement program, refinance one or more line of credit agreements, fund capitalized interest on the Bonds, pay the premium for the Bond Insurance Policy, and pay costs of issuance on the Bonds. The Bonds were issued under four ordinances which created restrictions within the project fund amounts and use of proceeds. The Firm structured the Bonds to fill-in gaps in the City’s existing debt service profile which includes capitalized interest through January 1, 2027.
Loop Capital Markets assisted the City in creating a comprehensive electronic investor roadshow, which was viewed by 32 unique investors. The Firm provided the City with a detailed read sheet summarizing investors expected to participate and rationale from non-participating accounts. During pre-marketing, the Firm coordinated responses from the City to questions from select investors following the release POS and supplements that addressed House Bill 3657, which, among other things, increased the City’s pension contributions.
New issuance volume was expected to be $19 billion during the week of pricing, marking the largest week in YTD 2025. The Firm generated nearly $5.5 billion in priority orders for the tax-exempt portion. Given the strong results of the order period, the Firm was able to tighten spreads by up to 18 bps between pre-pricing and final pricing on the term bond. Subscription levels by maturity ranged from 1.0x to 11.4x. The taxable bonds generated over $25 million in priority orders with four out of five participating accounts submitting orders for the entire taxable portion. The taxable bonds had strong subscription levels of 3.2x. Ultimately, the transaction achieved an All-In TIC of 5.601% with an average life of 18.788 years.
On June 4, 2025, Loop Capital Markets was mandated as an active book-runner on a $174 million follow-on offering for BrightView Holdings, Inc.
Selling shareholders will receive all of the net proceeds from the offering.
On June 3, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1.5 billion senior unsecured notes offering for GE HealthCare Technologies Inc. The bonds are rated Baa2/BBB/BBB across 5- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On June 2, 2025, Loop Capital Markets acted as a co-manager on a three-tranche, $2 billion senior unsecured notes offering for Motorola Solutions, Inc. The bonds are rated Baa2/BBB/BBB across 5-, 7- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes, debt repayment and acquisition financing.
On June 2, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1.1 billion senior unsecured notes offering for Ares Strategic Income Fund. The bonds are rated Baa3/BBB-/BBB- across 3- and 5-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On June 2, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1.3 billion FMB offering for Pacific Gas and Electric Company. The bonds are rated Baa1/BBB/BBB across 3- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On June 2, 2025, Loop Capital Markets served as a co-manager on a $320 million follow-on offering (including the green shoe) for Life360, Inc.
Selling shareholders will receive all of the net proceeds from the offering.
On May 20, 2025, Loop Capital Markets acted as a co-manager on a $550 million subordinated notes offering for KKR & Co. Inc. The 40-year bond is rated BBB+/BBB+.
Use of proceeds are earmarked for general corporate purposes.
On May 21, 2025, Loop Capital Markets acted as a co-manager on a $1 billion senior unsecured notes offering for The Northwestern Mutual Life Insurance Company. The 30-year note is rated Aa3/AA-/AA.
Use of proceeds are earmarked for general corporate purposes.
