On May 1, 2023, Loop Capital Markets acted as a co-manager on a $5 billion senior unsecured notes offering for Comcast Corporation. The bonds are rated A3/A-/A- across 5-, 10-, 30- and 41-year tranches.
Use of proceeds are earmarked to fund tender offers, general corporate purposes and debt repayment.
On April 25, 2023, Loop Capital Markets served as the Book Running Senior Manager for the New York State Environmental Facilities Corporation (“Corporation”) for its $150.96 million State Revolving Funds Revenue Bonds, Series 2023A (2010 MFI) (Green Bonds). The bonds are rated Aaa by Moody’s, AAA by S&P and AAA by Fitch with a stable outlook from all three rating agencies.
The Bonds were issued to currently refund $171.09 million of outstanding Series 2012B, 2012E and 2013B Bonds. The refunding produced $15.9 million or 9.32% of PV savings and an All-in-TIC at 3.25%. A net roadshow was produced to detail the credit highlights, legal protections inherent in the structure and the financial strength of the Corporation. The net roadshow was ultimately viewed by 52 investors.
The bond sale period was comprised of a one day of Retail Order Period (“ROP”) on Monday, April 24, followed by an Institutional Order Period (“IOP”) on Tuesday, April 25. At the end of the ROP, there were $618.3 million of retail orders, approx. 4.1x oversubscription. After the ROP, the Corporation entered the market with $75.7 million of bonds offered for the IOP due to the 50% allocation rule. At the end of the IOP, there were $342.7 million of institutional orders. Loop Capital’s salesforce worked diligently to produce superior results and generated total of $918.2 million from 59 accounts. Subscription levels for all maturities ranged from anywhere between 0.6x and 16.7x, with overall subscription level of 6.1x. Due to strong subscription levels, the Firm was able to lower yields by 2 to 15 bps going from retail to institutional order period. The transaction was priced during volatile market conditions with the Fed having increased the Fed Funds rate by 50 bps in 2023 which was preceded by 425 bps of increases in 2022. Loop Capital underwrote $1.7 million of unsold bonds to support the transaction.
On April 24, 2023, Loop Capital Markets acted as a co-manager on a $2.3 billion senior unsecured notes offering for Canadian Imperial Bank of Commerce. The bonds are rated A2/A-/AA- across 2- and 5-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On April 24, 2023, Loop Capital Markets acted as a co-manager on a $500 million senior unsecured notes offering for nVent Finance S.à r.l. The 10-year bond is rated BBB-/BBB.
Use of proceeds are earmarked for general corporate purposes and acquisition financing.
On April 19, 2023, Loop Capital Markets was mandated as a lead-manager on a $2.8 billion MTN offering for Morgan Stanley. The 6-year bond is rated Aa3/A+/AA-.
Use of proceeds are earmarked for general corporate purposes.
On April 19, 2023, Loop Capital Markets acted as a co-manager on a $400 million ABS offering for Affirm Asset Securitization Trust (AFFRM 2023-A). The bonds mature in 5 years across 4 classes.
Use of proceeds are earmarked for general corporate purposes.
On April 19, 2023, Loop Capital Markets acted as a co-manager on a $775 million senior secured green notes offering for SCE Recovery Funding LLC, Series 2023-A. The bonds are rated Aaa/AAA across 17- and 24-year tranches.
Use of proceeds are earmarked for financing or refinancing eligible green investments.
On April 19, 2023, Loop Capital Markets served as joint bookrunner on State of Illinois’ (the “State”) $2.5 billion General Obligation Bonds, Series of May 2023ABCD. The transaction was rated A3 (Stable) / A- (Stable) / BBB+ (Positive) by Moody’s, S&P and Fitch, respectively. Moody’s upgraded the State’s general obligation bonds from Baa1 to A3 to reflect the State’s improving governance with further growth in reserves that are at their strongest level in over a decade and increasing payments to its pension plan. Proceeds of the bonds were used to (i) fund accelerated pension benefit payments, (ii) finance capital expenditures authorized by the State’s previous capital programs and the Rebuild Illinois capital plan (iii) provide funds to finance information technology projects under the State’s previous capital programs and Rebuild Illinois and (iv) refund outstanding Series A of January 2012, Series March 2012 and Series May 2012 general obligation bonds of the State.
Due to strong investor demand, spreads tightened between 10 and 20 basis points for the Series 2023A, up to 15 basis points for Series 2023B, up to 5 basis points for 2023C and up to 13 basis points for Series 2023D. Select maturities in the 7- and 10-year range of Series 2023B, 2023C and 2023D saw interest rates increased by five basis points. Loop Capital Markets’ salesforce generated 10 priority orders from a local municipality and investment managers. The Firm assisted in reviewing the State’s rating agency and investor presentations and provided input throughout the planning process for the live investor breakfast as the Firm previously hosted an investor meeting for the State and Governor JB Pritzker in 2019. The financing generated an All-In TIC of 4.233%. The refunding generated present value savings of $102.25 million or 8.38% of the refunded par amount.
On April 18, 2023, Loop Capital Markets acted as a co-manager on a $173 million senior unsecured convertible notes offering (including the green shoe) for Enovix Corporation. The notes have a 5-year tenor.
Use of proceeds are earmarked for general corporate purposes and working capital.
On April 17, 2023, Loop Capital Markets acted as a co-manager on a $3.8 billion fixed/floating rate notes offering for Wells Fargo & Company. The 11-year bond is rated A1/BBB+/A+.
Use of proceeds are earmarked for general corporate purposes.
