On January 2, 2024, Loop Capital Markets acted as a co-manager on a four-tranche, $3 billion MTN offering for Toyota Motor Credit Corporation. The bonds are rated A1/A+/A+ across 2-, 5- and 10-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 $650 million FMB offering for PPL Electric Utilities Corporation. The 10-year bond is rated A1/A+.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On December 12, 2023, Loop Capital Markets served as the Senior Manager for the State of Ohio’s (the “State”) $435.080 million General Obligation Refunding Bonds, Series 2023A (the “Bonds”). The transaction marked the State’s inaugural general obligation bond issuance since receiving across the board Aaa/AAA/AAA ratings from Moody’s, S&P, and Fitch, respectively. Over the last several years, Loop’s banking team assisted the State with a comprehensive and targeted credit rating strategy, which focused on the State’s economic strengths.
The State capitalized on the strong momentum of the municipal market and headed into pricing with the bond market having rallied as much as 108 bps across the first 15 years due to economic data supporting that the Fed was likely done with rate hikes. Ultimately, 45 institutional accounts placed orders during the order period, totaling $1.245 billion in priority orders, or 2.9x subscribed for. Given strong investor demand, the Firm tightened spreads up to 10 bps from preliminary pricing to final pricing. After repricing, the transaction finished with $932.140 million priority orders or 2.1x oversubscription. In support of the transaction, the Firm underwrote $31 million bonds at levels unchanged from preliminary pricing spreads. The transaction resulted in gross savings totaling $75.798 million and present value savings totaling $63.296 million, or 12.953% of bonds refunded for the State.
On December 11, 2023, Loop Capital Markets acted as a co-manager on a $750 million senior unsecured notes offering for Ally Financial Inc. The 6-year bond is rated Baa3/BBB-/BBB-.
Use of proceeds are earmarked for general corporate purposes and debt repayment
On December 7, 2023, Loop Capital Markets served as a co-manager on a $153 million follow-on stock offering (including the green shoe) for Vivid Seats Inc.
Selling shareholders will receive all of the net proceeds from the offering.
On December 7, 2023, Loop Capital Markets acted as a co-manager on a $650 million senior unsecured notes offering for Republic Services, Inc. The 10-year bond is rated Baa1/BBB+/A-.
Use of proceeds are earmarked for general corporate purposes.
On December 6, 2023, Loop Capital Markets acted as a co-manager on a $1 billion senior unsecured notes offering for American Electric Power Company, Inc. The 5-year bond is rated Baa3/BBB+.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
Loop Capital Markets served as Bookrunning Senior Manager and Dealer Manager on City Public Service Board of San Antonio, Texas’ (CPS Energy) $636.580 million Revenue Refunding Bonds, New Series 2023AB, which in addition to the $100.340 million Series 2023 VRDBs was selected as the 2023 Bond Buyer Southwest Deal of the Year. Following the impacts of 2021’s Winter Storm Uri, the City of San Antonio authorized CPS Energy to submit a private letter ruling request to the IRS to permit certain extraordinary — and normally taxable — working capital costs to instead be financed tax-exempt long-term. The IRS concurred with CPS Energy’s analysis, resulting in an exception from certain long-term working capital regulations.
On November 30, 2023, Loop Capital Markets served as a co-manager on a $550 million follow-on stock offering (including the green shoe) for Super Micro Computers, Inc.
Selling shareholders will receive all of the net proceeds from the offering.
On November 28, 2023, Loop Capital Markets acted as a co-manager on a $500 million senior unsecured notes offering for Zimmer Biomet Holdings, Inc. The 5-year bond is rated Baa2/BBB/BBB.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
