On January 30, 2020, Howard University sold its $146.900 million Taxable Bonds, Series 2020, with Loop Capital Markets as bookrunning senior manager. The Bonds had underlying ratings of BBB- (Stable) / BBB- (Stable) by S&P and Fitch, respectively, with an insured rating of AA (Stable) by S&P on select maturities. This was the University’s first public offering since 2011 and bond proceeds were used to fix-out $143.205 million of the Series 2016 variable rate demand bonds.

Loop Capital Markets developed a structure that accelerated savings and provided upfront budgetary relief to the University. The Firm helped develop a comprehensive strategy that resulted in the University attaining investment grade ratings. In addition, the Firm worked with the University to remove restrictive bond covenants and lowered the liquidity reserve. The Firm secured a robust order book and as a result, the spreads to the applicable benchmarks were tightened. A variety of investors participated in the financing, including Bond Funds, Broker/Dealers, Hedge Funds, Insurance Companies, Money Managers, Prop/Trading Accounts and SMAs. Ultimately, the University achieved a low True Interest Cost of 2.896% with NPV savings of approximately $24.351 million or 17.004% of refunded par.

On January 30, 2020, Loop Capital Markets served as a co-manager in a single-part, $500 million, senior unsecured bond offering of Kimberly-Clark Corporation. The notes are rated A2/A across a 30-year tenor.

Kimberly-Clark Corporation intends to use the net proceeds of the offering for refinancing and general corporate purposes.

On January 30, 2020, Loop Capital Markets participated as a co-manager in a single-tranche, $300 million, senior unsecured bond offering of Paccar Financial Corporation. The notes are rated A1/A+ across a 5-year tenor.

Paccar Financial Corporation intends to use the net proceeds of the offering for general corporate purposes.

On January 28, 2020, Loop Capital Markets acted as a co-manager in a four-tranche, $3.0 billion, senior unsecured bond offering of Union Pacific Corporation. The notes are rated Baa1/A- across 50-year, 30-year, 10-year and 7-year tenors.

Union Pacific Corporation intends to use the net proceeds of the offering for stock buyback and other general corporate purposes.

On January 22, 2020, Loop Capital Markets participated as a co-manager in a single-tranche, $2.25 billion, senior unsecured bond offering of Citigroup Incorporated. The notes are rated A3/BBB+ across an 11-year tenor.

Citigroup intends to use the net proceeds of the offering for supporting regulatory capital requirements.

On January 21, 2020, Loop Capital Markets served as a co-manager in a single-part, $750 million, senior unsecured bond offering of Target Corporation. The notes are rated A2/A across a 10-year tenor.

Target Corporation intends to use the net proceeds of the offering for general corporate and refinancing purposes.

On January 16, 2020, Loop Capital Markets participated as a co-manager in a single-part, $425 million, senior unsecured bond offering of Ohio National Financial Services Incorporated. The notes are rated Baa3/BBB- across a 10-year tenor.

Ohio National Financial Services intends to use the net proceeds of the offering for refinancing purposes.

On January 16, 2020, Loop Capital Markets acted as a co-manager in a single-tranche, $500 million, senior unsecured bond offering of Cargo Aircraft Management Incorporated. The notes are rated Ba3/B+ across an 8-year tenor.

Cargo Aircraft Management intends to use the net proceeds of the offering for refinancing purposes.

On January 16, 2020, Loop Capital Markets served as a co-manager in a single-tranche, $1.0 billion, senior unsecured bond offering of BlackRock Incorporated. The notes are rated Aa3/AA- across a 10.25-year tenor.

BlackRock intends to use the net proceeds of the offering for general corporate purposes.

On January 9, 2020, Loop Capital Markets served as a co-manager in a three-part, $2.0 billion, senior unsecured bond offering of Caterpillar Financial Services Corporation. The notes are rated A3/A across 4.83-year, 2.83-year and 1.83-year tenors.

Caterpillar Financial Services Corporation intends to use the net proceeds of the offering for general corporate purposes.