On October 22, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $400 million senior unsecured notes offering for GATX Corporation. The bonds are rated Baa2/BBB/BBB+ across 10- and 29-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On October 22, 2025, Loop Capital Markets acted as a co-manager on a $1 billion senior unsecured notes offering for General Motors Financial Company, Inc. The 3-year bond is rated Baa2/BBB/BBB.
Use of proceeds are earmarked for general corporate purposes.
On October 21, 2025, Loop Capital Markets served as Bookrunning Senior Manager for the Texas Department of Transportation’s (“TxDOT”) $1.705 billion State of Texas General Obligation Mobility Fund and Refunding Bonds, Series 2025, rated Aaa/AAA by Moody’s and Fitch, respectively.
Proceeds will reimburse the Mobility Fund for highway construction and expansion costs, refund a portion of outstanding 2015AB Bonds to achieve debt service savings, and cover issuance costs. Concurrently, $72 million of Taxable Series 2009A BABs will be redeemed at closing pursuant to extraordinary optional redemption provisions to create additional new-money capacity. Despite a high-supply week ($15.6 billion, 4th largest year-to-date in 2025) with numerous competing offerings (three other $1.5 billion+ issuances), Loop’s underwriting desk set the market tone for the week. The transaction received significant investor participation resulting in 4.3x subscription, with 90 unique accounts placing orders, of which 56 accounts were new investors, and 34 accounts were repeat buyers. As a result of strong investor interest, spreads were tightened by up to 8 basis points between pre-pricing and final pricing, resulting in the tightest spreads achieved over the past ten years when compared to other issues on both TxDOT’s Mobility Fund and Highway Improvement credits. Ultimately, the transaction achieved an All-In TIC of 3.783%, and NPV Savings of $106.922 million, or 12.830% of refunded par.
On October 20, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1.5 billion senior unsecured notes offering for Cargill, Inc. The bonds are rated A2/A across 5- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On October 17, 2025, Loop Capital Markets acted as a lead-manager on a $2.5 billion FMB offering for Morgan Stanley. The 6-year bond is rated A1/A-/A+.
Use of proceeds are earmarked for general corporate purposes.
On October 9, 2025, Loop Capital Markets acted as a co-placement agent on a $50 million private placement offering for Midwest BankCentre, Inc. The private placement is due in 2047.
On October 8, 2025, Loop Capital Markets acted as a co-manager on a $67 million ABS offering for Hewlett Packard Enterprise Company’s (HPEFS Equipment Trust 2025-2). The bond matures in 4 years.
Use of proceeds are earmarked for general corporate purposes.
On October 8, 2025, Loop Capital Markets acted as a co-manager on a $156 million IPO (including the greenshoe) for Phoenix Education Partners, Inc.
Selling shareholders will receive all of the net proceeds from the offering.
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.
