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.
On April 12, 2023, Loop Capital Markets acted as a co-manager on a five-tranche, $5 billion senior unsecured notes offering for Walmart Inc. The bonds are rated Aa2/AA/AA across 3-, 5-, 7-, 10- and 30-year tranches.
Use of proceeds are earmarked for debt repayment and general corporate purposes.
On April 10, 2023, Loop Capital Markets acted as a senior co-manager on a $300 million senior unsecured notes offering for Jabil Inc. The 6-year bond is rated Baa3/BBB-/BBB-.
Use of proceeds are earmarked for debt repayment and general corporate purposes.
On April, 3, 2023, Loop Capital Markets acted as a co-manager on a two-tranche, $2.3 billion senior unsecured notes offering for General Motors Financial Company, Inc. The bonds are rated Baa2/BBB/BBB- across 3- and 7-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On March 29, 2023, Loop Capital Markets was mandated as an active book-runner on a $750 million senior unsecured notes offering for Allstate Corporation. The 10-year bond is rated A3/A-. This transaction marks Allstate’s first trip to the bond market since November 2020 when LCM served as lead left and billing & delivery agent on the first ever corporate investment grade bond consisting of only diverse- and veteran-owned firms as underwriters.
Use of proceeds are earmarked for debt repayment and general corporate purposes.
On March 28, 2023, Loop Capital Markets acted as a co-manager on a four-tranche, $3 billion senior unsecured notes offering for Lowe’s Companies, Inc. The bonds are rated Baa1/BBB+ across 3-, 10-, 30- and 40-year tranches.
Use of proceeds are earmarked for general corporate purposes.
