On May 17, 2023, Loop Capital Markets served as a co-manager on a $128 million follow-on stock offering for Vivid Seats, Inc.
Selling shareholders will receive all of the net proceeds from the offering.
On May 17, 2023, Loop Capital Markets served as a co-manager on a $345 million follow-on stock offering (including the green shoe) for Hess Midstream LP.
Selling shareholders will receive all of the net proceeds from the offering.
On May 17, 2023, Loop Capital Markets served as a co-manager on a $125 million follow-on stock offering for EVgo, Inc.
Selling shareholders will receive all of the net proceeds from the offering.
On May 17, 2023, Loop Capital Markets acted as a co-manager on a $1.3 billion senior unsecured notes offering for BlackRock, Inc. The 10-year bond is rated Aa3/AA-.
Use of proceeds are earmarked for general corporate purposes.
On May 16 and 17, 2023, the Philadelphia Redevelopment Authority sold its $124.080 million City Service Agreement Revenue Bonds, Series A (Neighborhood Preservation Initiative (“NPI”)) (Federally Taxable Social Bonds) (the “Series 2023A Bonds”) and Series B of 2023 (NPI) (Tax-Exempt Social Bonds) (the “Series 2023B Bonds”) and City Service Agreement Revenue Refunding Bonds, Series C of 2023 (Neighborhood Transformation Initiative (“NTI”)) (Tax-Exempt) (the “Series 2023C Bonds, and collectively, the “Series 2023ABC Bonds” or the “Bonds”). Loop Capital Markets served as bookrunning senior manager.
The Bonds are rated A1 (Stable), A (Positive) and A (Stable) by Moody’s, S&P and Fitch, respectively. Bond proceeds were used to (i) finance certain costs of the NPI Program, including certain program-wide administrative costs, (ii) refund certain outstanding Revenue Refunding Bonds, Series 2012 (City of Philadelphia NTI) and (iii) pay costs of issuing the Series 2023ABC Bonds. The borrowing is the second transaction under the NPI Initiative and will provide $100 million in project funds. The City self-designated the Series 2023A and 2023B Bonds as Social Bonds.
The Firm reviewed the rating agency presentation and developed the investor presentation with the City and Co-Financial Advisors which was viewed by 20 investors. Throughout the pre-marketing process, the Firm provided investor feedback to the City and Co-Financial Advisors. The City and Authority received strong interest with over $234 million of priority orders or 2.9x overall subscription for the taxable series and over $86 million of priority orders or 2.0x overall subscription for the tax-exempt tranches. 20 investors ultimately participated in the taxable tranche while 10 investors participated in the tax-exempt tranches. Due to strong investor demand, the Firm was able to tighten spreads on the Series 2023A Bonds by 5-12 basis points for several maturities between the Indications of Interest and Launch periods. The Bonds had an All-In TIC of 5.09% and the refunding achieved present value savings of 2.1% of the refunded par amount.
On May 16, 2023, Loop Capital Markets acted as a co-manager on a $750 million senior unsecured euro notes offering for Prologis Euro Finance LLC. The 10-year bond is rated A3/A.
Use of proceeds are earmarked for general corporate purposes.
On May 16, 2023, Loop Capital Markets acted as a co-manager on a $31 billion senior unsecured notes offering for Pfizer Inc. The bonds are rated A1/A+/A across 2-, 3-, 5-, 7-, 10-, 20-, 30- and 40-year tranches.
Use of proceeds are earmarked for general corporate purposes and acquisition financing.
On May 15, 2023, Loop Capital Markets was mandated as an active book-runner on a $600 million perpetual preferred stock offering for Allstate Corporation. The perpetual preferred stock offering is rated Baa2/BBB.
Use of proceeds are earmarked for general corporate purposes.
On May 15, 2023, Loop Capital Markets acted as a co-manager on a $500 million senior unsecured notes offering for Eaton Corporation. The 5-year bond is rated A3/A-.
Use of proceeds are earmarked for general corporate purposes.
On May 15, 2023, Loop Capital Markets acted as a co-manager on a two-tranche, $1.5 billion senior unsecured notes offering for The Southern Company. The bonds are rated Baa2/BBB/BBB+ across 5- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
