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.
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.
