On February 19, 2020, Loop Capital Markets was a co-manager on a $750 million, senior unsecured bond offering for KLA Corporation. The 30-year notes are rated Baa1/BBB+.
KLA intends to use the net proceeds of the offering for general corporate and refinancing purposes.
On February 19, 2020, Loop Capital Markets served as a co-manager on a JP Morgan Chase $1.50 billion, junior subordinated, preferred notes offering. The notes are rated Baa2/BBB- and feature a perpetual call beginning in April 2025.
JPMorgan Chase intends to use the net proceeds of the offering for general corporate and regulatory capital purposes.
On February 18, 2020, Loop Capital Markets participated as a co-manager in a two-part, $1.0 billion, first-mortgage bond offering for Commonwealth Edison Company. The notes are rated A1/A across 30-year and 10-year tenors.
Commonwealth Edison intends to use the net proceeds of the offering to repay commercial paper obligations and for other general corporate purposes.
On February 13, 2020, Loop Capital Markets was a structuring agent on a $2.995 billion senior unsecured Formosa bond offering for AT&T. The notes are rated Baa2/BBB/A- and have a 29 year tenor.
The company intends to use the net proceeds of the offering for general corporate purposes.
On February 13, 2020, Loop Capital Markets served as a co-manager on a six-tranche, $9.250 billion, senior unsecured bond offering of Carrier Global Corporation. The notes are rated Baa3/BBB across 30-year, 20-year, 10-year, 7-year, 5-year and 3-year tenors.
Carrier intends to use the net proceeds of the offering for the repayment of outstanding indebtedness.
On February 12, 2020, School District 131 Kane County, Illinois (East Aurora) (the “District”) sold $30,990,000 General Obligation School Bonds (Alternate Revenue Source), Series 2020A and $20,805,000 General Obligation Refunding School Bonds, Series 2020B with Loop Capital Markets (the “Firm”) as sole manager. The Bonds were rated A1 underlying by Moody’s and all maturities were enhanced by Assured Guaranty Municipal (“AGM”) with ratings of AA (Stable) by S&P. Bond proceeds were used to (i) pay costs of altering, repairing and equipping school buildings and facilities of the District and improving sites; (ii) refund certain maturities of the District’s outstanding General Obligation Refunding School Bonds, Series 2010A; and (iii) pay costs of issuance.
The Firm guided the District from pre-marketing to pricing, providing preliminary investor reads with feedback to the District, organizing a one-on-one call with a major investor, and hosting the District’s Superintendent, CFO and five students to participate in the pricing. The Firm provided a session on the industry and the financing process. The transaction was initially 8.4x oversubscribed and the Firm was able to tighten spreads between five and ten basis points across all maturities due to strong investor interest. Following these adjustments, $89.435 million of orders dropped, resulting in priority orders to total $349.780 million or 6.8x subscription. A variety of investors participated in the transaction, primarily Bond Funds, followed by SMAs, Money Managers, Insurance Companies and Hedge Funds. Ultimately, the Series 2020A Bonds generated an All-In True Interest Cost of 2.638% and the Series 2020B Bonds generated Net Present Value Savings of $741,928 or 3.165% of refunded par and All-In True Interest Cost of 1.715%.
On February 12, 2020, Loop Capital Markets participated as a co-manager io a junior subordinated preferred notes offering of AT&T Incorporated. The notes are rated Ba1/BBB and will feature a perpetual call feature beginning in March 2025.
AT&T intends to use the net proceeds of the offering for general corporate purposes.
On February 6, 2020, Loop Capital Markets served as a junior restructuring agent on a single-tranche, $2.385 billion, senior unsecured euro-dollar bond offering of Verizon Communications. The notes are rated A- across a 40-year tenor.
Verizon Communications intends to use the net proceeds of the offering for general corporate purposes.
On February 6, 2020, Loop Capital Markets was selected as a co-manager for TMCC’s first motor vehicle retail installment loan securitization for 2020. The deal is $1.621 billion across 4 classes of A notes and 1 class of B notes, with final scheduled payments between May 2021 and September 2026.
On February 5, 2020, Loop Capital Markets served as a co-manager in a five-part, multi-currency, euro (€3.0 billion) and sterling (£1.4 billion) senior unsecured bond offering of Comcast Corporation. The notes are rated A- across 20-year, 16-year, 12-year, 9-year and 7-year tenors.
Comcast Corporation intends to use the net proceeds of the offering for refinancing purposes.
