On November 28, 2023, Loop Capital Markets acted as a co-manager on a three-tranche, $2.5 billion senior unsecured notes offering for Thermo Fisher Scientific Inc. The bonds are rated A3/A-/A- across 3-, 5- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes, acquisition financing and capital management.
On November 27, 2023, Loop Capital Markets acted as a co-manager on a two-tranche, $2.5 billion fixed/floating rate notes offering for Citibank NA. The bonds are rated Aa3/A+/A+ across 3-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On November 20, 2023, Loop Capital Markets acted as a co-manager on a $600 million senior unsecured notes offering for Consolidated Edison Company of New York, Inc. The 10-year bond is rated A3/A-/A-.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On November 15, 2023, Loop Capital Markets acted as a co-manager on a three-tranche, $3 billion senior unsecured notes offering for Carrier Global Corporation. The bonds are rated Baa3/BBB/BBB- across 2-, 10- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes and acquisition financing.
On November 15, 2023, Loop Capital Markets acted as a co-manager on a three-tranche, €2.4 billion senior unsecured euro notes offering for Carrier Global Corporation. The bonds are rated Baa3/BBB/BBB- across 2-, 5- and 9-year tranches.
Use of proceeds are earmarked for general corporate purposes and acquisition financing.
On November 15, 2023, Loop Capital Markets acted as a co-manager on a five-tranche, $4.5 billion senior unsecured notes offering for Tapestry, Inc. The bonds are rated Baa2/BBB across 2-, 3-, 5-, 7- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and acquisition financing.
On November 15, 2023, Loop Capital Markets acted as a co-manager on a $1.8 billion fixed rate resetting perpetual subordinated contingent convertible securities offering for Barclays PLC. The securities are rated Ba1/BB-/BBB-.
Use of proceeds are earmarked for general corporate purposes and capital management.
On November 14, 2023, Loop Capital Markets served as Senior Manager on the State of Ohio’s (the “State”) $116.835 million G.O. Highway Capital Improvements Bonds, Series Y (Full Faith and Credit/Highway User Receipts) (the “Bonds”). The Bonds were rated Aa1 (Positive) / AAA (Stable) / AAA (Stable) / AAA (Stable) by Moody’s, S&P, Fitch and Kroll, respectively. Proceeds from the transaction will fund highway capital improvements for the State. Loop assisted the Treasurer’s office in preparing an investor presentation for institutional investors.
This transaction was the first time the Treasurer of State utilized BVAL as the benchmark for pricing its tax-exempt bonds. The transaction was primarily sponsored by SMAs, Bond Funds, Arb Accounts, and Insurance Companies with 59 institutional accounts participating. Of particular note, 30 accounts submitted orders in excess of $5 million. Prior to adjustments, the Firm generated more than $1.6 billion in priority orders resulting in 14.0x oversubscription. Given the strong results of the order period, the Firm was able to tighten spreads by up to 21 bps between pre-pricing and final pricing levels, which resulted in more than $625 million of orders dropping from the order book. Final spread to BVAL ranged from negative 21 bps to plus 3 bps. These spreads were among the tightest ever achieved for this credit.
On October 23-24, 2023, the University of Connecticut (“UCONN” or the “University”) sold the $97.14 million Special Obligation Student Fee Revenue Bonds, 2023 Series A (the “Bonds”) with Loop Capital Markets serving as Bookrunning Senior Manager. The Bonds were rated Aa3/A+ by Moody’s and S&P, respectively. The Bonds were issued to finance a portion of the cost of the design, construction, equipping and/or furnishing of a new student residence hall and dining facility located on the Storrs campus as part of UConn 2000 Infrastructure Improvement Program, a $4.6 billion, three phase, 32-year capital budget program.
Working in conjunction with the University’s finance team, Loop crafted an expansive digital and print advertisement campaign that ran for 9 days – targeting both digital and print ads, including new digital such as radio, using Spotify and geofence. Loop also developed the University’s first-ever investor presentation for its Student Fee Revenue Bond credit, which was viewed by 40 investors. The Firm’s strong distribution capabilities led to a successful retail order period with $200.7 million of retail orders, including $32.3 million of individual retail and $168.4 million of professional retail orders. Of the total retail orders, $38.19 million were allotted, which represented nearly 40% of the total transaction size. The Institutional Order Period generated an additional $413.1 million in total orders, bringing the total orders to $613.7 million or 6.3x. Due to strong investor appetite, the Firm was able to tighten spreads by up to 10 bps throughout the curve since entering the retail order period. The transaction was priced during significant volatility in the fixed income markets given inflationary pressure and geopolitical concerns as the benchmark MMD and BVAL yields increased as much as 26-29 bps in only six trading sessions. The transaction also marked the first time the University utilized both MMD and BVAL as benchmark for pricing and the first time since five years that the University issued bonds for new money needs under this credit.
On October 17, 2023, Loop Capital Markets served as Senior Manager on Ohio Water Development Authority’s ( “OWDA”) $100 million Water Development Revenue Bonds, Fresh Water Series 2023A (the “Bonds”). The Bonds were rated Aaa (Stable) / AAA (Stable) by Moody’s and S&P, respectively. Proceeds from the transaction will fund lending to local government agencies in Ohio for water and sewer projects for its State Revolving Fund program.
In preparation for the marketing process, Loop Capital Markets assisted OWDA in creating a comprehensive electronic investor roadshow for the transaction, which was viewed by 22 institutional investors. In addition, the Firm’s banking team compiled an investor analysis that helped identify underrepresented investors. Throughout the pre-marketing process, the Firm provided OWDA with investor feedback.
Due to market volatility caused by greater than anticipated inflationary indicators and Middle East uncertainty preceding pricing, pricing was accelerated by one day to get ahead of a week of heavy municipal supply of more than $12 billion. The transaction was primarily sponsored by SMAs and Bond Funds with 41 institutional accounts (plus individual retail accounts) participating. Prior to adjustments, the Firm generated more than $760 million in priority orders resulting in 7.6x oversubscription. Given the strong results of the order period, the Firm was able to tighten spreads by up to 10 bps between pre-pricing and final pricing levels. Ultimately, 18 investors were new to the Fresh Water credit and 9 investors were new to OWDA.
