On November 13, 2019, Loop Capital Markets served as senior manager for the $129.950 million of Sales Tax Revenue Bonds, Series 2019, rated Aa3/AA+/AA by Moody’s, S&P and Fitch. The transaction had serial maturities from 2020 through 2039 and term bonds in 2044 and 2048. Proceeds of the bonds were used to: (i) construct or improve roads, including drainage projects and traffic synchronization, within the cities of Baton Rouge, Baker, Central and Zachary and the Parish, (ii) improve existing corridors to increase mobility, including signal synchronization and sidewalks, and (iii) construct community enhancement projects, including drainage, lights and sidewalks, within the cities of Baton Rouge, Baker, Central and Zachary and the Parish (B) improve the Advance Traffic Management Center, such improvements prioritized (i) within the Parish and the City of Baton Rouge as described in the MovEBR Plan dated August 8, 2018, and (ii) within the cities of Baker, Zachary and Central, as determined by the applicable governing authority, and (C) paying the costs of issuance of the Bonds. Approximately 45 investors participated in the inaugural transaction. Buyers primarily consisted of real money accounts. Additional buyers included SMAs followed by Bank Trust/Money Managers.
On November 13, 2019, Loop Capital Markets acted as a co-manager in a single-tranche, $500 million, senior unsecured bond offering of Aon PLC. The notes are rated Baa2/A- across a 3-year tenor.
Aon intends to use the net proceeds of the offering for general corporate and refinancing purposes.
On November 13, 2019, Loop Capital Markets participated as a co-manager in a three-part, $2.0 billion, senior unsecured bond offering of Enbridge Inc. The notes are rated Baa2/BBB+ across 30-year, 10-year and 5-year tenors.
Enbridge intends to use the net proceeds of the offering for general corporate and refinancing purposes.
On November 6, 2019, Loop Capital Markets served as a joint bookrunner in a single-part, $1.5 billion, first-lien bond offering of Cheniere Corpus Christi Holdings LLC. The notes are rated Ba1/BBB- across a 10-year tenor.
Cheniere intends to use the net proceeds of the offering for refinancing purposes.
On November 5, 2019, Loop Capital Markets served as senior manager for the $150 million of Water Development Revenue Bonds, Fresh Water Series 2019, rated Aaa/AAA by Moody’s and S&P. The transaction had a 25-year final maturity with an average life of 18 years; the yield-to-call for the transaction was 2.092% and the yield-to-maturity was 3.060%. 26 investors participated in the transaction including an international bank portfolio. Buyers primarily consisted of real money accounts led by bond funds followed by property/trading, SMAs, insurance companies, among others.
On November 5, 2019, Columbia College Chicago (the “College”) sold the $18,035,000 Illinois Finance Authority Revenue Bonds, Columbia College Chicago, Series 2019 the (the “2019 Bonds” or the “Bonds”) with Loop Capital Markets as sole manager. The Bonds were rated BBB+ (Stable) by S&P. Proceeds of the financing were used to (i) finance, refinance or reimburse the College for all or a portion of the costs related to its new Student Center (that opened in September 2019) and (ii) pay costs of issuance.
The 2019 Bonds are secured by a gross revenue pledge and issued on parity with the College’s outstanding Bonds. The 2019 Bonds were structured with a 30-year final maturity with level debt service amortization in years 2025 to 2049 after a 5-year interest-only period. The transaction generated an All-In TIC of 4.179% and an average life of 20.571 years. Buyers of the transaction were all bond funds.
On October 29, 2019, Loop Capital Markets served as a co-manager in a three-tranche, $4.750 billion, senior unsecured bond offering of Comcast Corporation. The notes are rated A3/A- across 30.25-year, 20-year and 10.25-year tenors.
Comcast intends to use the net proceeds of the offering for refinancing purposes.
On October 29, 2019, Loop Capital Markets served as a co-manager in a perpetual preferred share offering of Northern Trust Corporation. The preferred shares are rated Baa1/BBB+.
Northern Trust Corporation intends to use the net proceeds of the offering for refinancing purposes.
On October 28, 2019, Loop Capital Markets participated as a co-manager in a single-part, $2.250 billion, senior unsecured bond offering of Citigroup Incorporated. The notes are rated A3/BBB+/A across an 11-year tenor.
Citigroup intends to use the net proceeds of the offering for general corporate purposes.
On October 28, 2019, Loop Capital Markets participated as a co-manager in a three-tranche, $1.0 billion, senior unsecured bond offering of The Hershey Company. The notes are rated A1/A/A across 30-year, 10-year and 5-year tenors.
The Hershey Company intends to use the net proceeds of the offering to repay a portion of the acquisition financing consideration used for ONE Brands.
