On January 16, 2024, Loop Capital Markets acted as a co-manager on a four-tranche, $8.5 billion senior unsecured notes offering for JPMorgan Chase & Co. The bonds are rated A1/A-/AA- across 5-, 6- and 11-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On January 10, 2024, Loop Capital Markets acted as a co-manager on a $1.5 billion ABS offering for General Motors Financial Company, Inc.’s (GMCAR Automobile Receivables Trust 2024-1). The bonds mature in 1-, 3- and 5-years across 4 classes.
Use of proceeds are earmarked for general corporate purposes.
On January 9, 2024, the Community College District Number 508 (City Colleges of Chicago) (the “District”) sold its $186.565 million Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues), Series 2024 (the “Bonds”) with Loop Capital Markets serving as Bookrunning Senior Manager. The Bonds had underlying ratings of BBB+/A+ by S&P and Fitch, respectively, and an insured rating of AA by S&P. The Bonds were issued to refund the District’s Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2013, pay the premium for the Bond Insurance Policy, and pay costs of issuance of the Bonds. The transaction was insured by Build America Mutual Assurance Company.
Working in conjunction with the District’s finance team, the Firm crafted an investor presentation, which was viewed by 53 investors. Loop Capital Markets provided an institutional holders analysis to the District to identify investor targets. Throughout the pre-marketing process, the Firm provided the District with investor feedback, including investors expected to place orders and the rationale from non-participating accounts. The Firm’s strong distribution capabilities led to a successful institutional order period with $1.195 billion in orders being submitted resulting in 6.4x oversubscription.
Given favorable market conditions, the Firm decided to accelerate pricing by one day. Due to strong investor demand, spreads were tightened between 3 and 11 basis points. Ultimately, the Bonds achieved an All-In TIC of 3.924% and generated $25.534 million in present value savings or 12.362% of the refunded bonds.
On January 8, 2024, Loop Capital Markets acted as a co-manager on a two-tranche, $1.4 billion FMB offering for Southern California Edison Company. The bonds are rated A2/A-/A- across 3- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On January 4, 2024, Loop Capital Markets acted as a co-manager on a $500 million senior unsecured notes offering for Essential Utilities, Inc. The 10-year bond is rated Baa2/A-.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On January 3, 2024, Loop Capital Markets acted as a co-manager on a $700 million FABN offering for GA Global Funding Trust. The 5-year bond is rated A2/A-/A.
Use of proceeds are earmarked for general corporate purposes.
On January 3, 2024, Loop Capital Markets acted as a co-manager on a $500 million FABN offering for Northwestern Mutual Global Funding. The 5-year bond is rated Aaa/AA+/AAA.
Use of proceeds are earmarked for general corporate purposes.
On January 3, 2024, Loop Capital Markets acted as a co-manager on a two-tranche, $1 billion FMB offering for Duke Energy Carolinas, LLC. The bonds are rated Aa3/A across 10- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On January 2, 2024, Loop Capital Markets acted as a co-manager on a two-tranche, $1 billion senior unsecured notes offering for Virginia Electric and Power Company. The bonds are rated A2/BBB+/A across 10- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On January 2, 2024, Loop Capital Markets acted as a co-manager on a two-tranche, $2.5 billion high yield senior unsecured notes offering for Ford Motor Credit Company LLC. The bonds are rated Ba1/BBB-/BBB- across 3- and 7-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
