On January 4, 2023, Loop Capital Markets acted as a co-manager on a 2-tranche $1.5 billion FMB offering for Pacific Gas and Electric Company. The bonds are rated Baa3/BBB-/BBB- across 10- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes and repay borrowings outstanding under the revolving credit facility.
On January 4, 2023, Loop Capital Markets acted as a co-manager on a $300 million senior unsecured notes offering for PACCAR Financial Corp. The 5-year bond is rated A1/A+.
Use of proceeds are earmarked for general corporate purposes.
On January 4, 2023, Loop Capital Markets served as a co-manager on a $1 billion FABN offering for New York Life Global Funding. The 5-year bond is rated Aaa/AA+/AAA.
Use of proceeds are earmarked for purchasing one or more funding agreement(s).
On January 3, 2023, Loop Capital Markets acted as a co-manager on a $900 million senior unsecured notes offering for Caterpillar Financial Services Corporation. The 3-year bond is rated A2/A/A.
Use of proceeds are earmarked for general corporate purposes.
On January 3, 2023, Loop Capital Markets acted as a co-manager on a 2-tranche $1.8 billion senior unsecured notes offering for Duke Energy Carolinas, LLC. The bonds are rated Aa3/A across 10- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes and to repay upcoming debt maturities.
On January 3, 2023, Loop Capital Markets acted as a co-manager on a $425 million FMB offering for Entergy Arkansas, LLC. The 10-year bond is rated A2/A.
Use of proceeds are earmarked for general corporate purposes.
On January 3, 2023, Loop Capital Markets acted as a co-manager on a 2-tranche $975 million senior unsecured notes offering for Commonwealth Edison Company. The bonds are rated A1/A/A across 10- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes and to repay outstanding commercial paper and term loan obligations.
On January 3, 2023, Loop Capital Markets was mandated as a bookrunner on a $425 million FMB offering for Consumers Energy Company. The 5-year bond is rated A1/A/A+.
Use of proceeds are earmarked to repay a portion of their outstanding $1 billion term loan.
On December 6, 2022, Loop Capital Markets served as Senior Manager for the State of Ohio’s (the “State”) $377 million General Obligation Bonds, Series 2022 consisting of $176.790 million New Money Bonds (Infrastructure program) and $200.335 million Refunding Bonds (Infrastructure, Conservation, and Common Schools programs). The Bonds were rated Aa1 (Positive) / AA+ (Stable) / AAA (Stable) by Moody’s, S&P, and Fitch, respectively.
This transaction was the State’s inaugural G.O. bond issuance since receiving a positive outlook by Moody’s and a “AAA” rating from Fitch – the State’s first AAA G.O. bond rating since 1978. Proceeds of the bonds were used to (i) fund $200 million in new money capital projects for the Infrastructure program, which funds local government road and water and sewer projects, and (ii) current refund $216.48 million of outstanding G.O. bonds for PV debt service savings totaling $17.182 million, or 7.93% of bonds refunded. The State capitalized on the strong momentum of the municipal market and decided to accelerate the pricing by one day.
Loop’s banking team assisted the State with a comprehensive and targeted credit rating strategy, which focused on the State’s strengths (i.e., improving demographics and financials vs. select AAA-rated states). Prior to pricing, Loop developed a list of target investors (top holders of the State’s bonds and top G.O. holders of select highly rated states that are not the top holders of Ohio’s bonds). Throughout the pre-marketing process, the Firm provided the State and its municipal advisor with investor feedback, including investors expected to place orders and any rationale from non-participating accounts.
Constructive feedback from investors throughout pre-marketing led to 54 unique institutional accounts placing orders during the order period, 19 of which were new investors for the State’s G.O. credit. The Firm generated $1.9 billion in priority orders, or 5.0x oversubscription. After repricing, the transaction finished with $1.6 billion priority orders, or 4.4x oversubscribed.
On December 6, 2022, Loop Capital Markets served as a co-manager on a $681 million ABS offering for ALLY Auto Receivables Trust 2022-3 (AART 2022-3) which included 3-, 5- and 6-year tranches.
Use of proceeds are earmarked for general corporate purposes.
