On February 23, 2022, Loop Capital Markets acted as a co-manager on a $750 million, senior unsecured bond offering for ADM. The 10-year bond is rated A2/A.
Use of proceeds are earmarked to finance or refinance, one or more new or existing eligible Green and Social Projects. Eligible Green Projects are investments and expenditures made by the company or any of their subsidiaries that contribute to environmental objectives such as: sustainable aquaculture and animal husbandry, sustainable agriculture, green buildings, energy efficiency, renewable energy, clean transportation, water and waste management, and pollution prevention and control.
On February 22, 2022, Loop Capital Markets acted as a co-manager on a $500 million, senior unsecured bond offering for Moody’s Corporation. The 30-year bond is rated BBB+/BBB+.
Use of proceeds are earmarked for general corporate purposes which may include repurchases of common stock.
On February 16, 2022, Loop Capital Markets was mandated as a joint-bookrunner on a $1 billion senior unsecured green bond offering for Verizon Communications, Inc. The 30-year bond is rated Baa1/BBB+/A-, marking the third time Verizon has utilized D&I firms as active bookrunners, sharing equal responsibility in bringing this successful Green bond issuance to market. This further supports the company’s commitment to advancing racial and social equity in the capital markets by partnering with women- and minority-owned firms. Verizon has become one of the leading corporate buyers of renewable energy in the U.S., by entering into 20 virtual power purchase agreements (VPPAs) also known as renewable energy purchase agreements (REPAs), for approximately 2.6 gigawatts of renewable energy capacity. The company’s investment commitments now total $4 billion to support the U.N. Sustainable Development Goals of sourcing or generating renewable energy of up to 50% of the company’s total annual electricity consumption by 2025 and net-zero in operational emissions by 2035.
Use of proceeds are earmarked to finance or refinance in whole or in part Eligible Green Investments. 100% of those investments will be allocated to renewable energy as Verizon continues to enter into long-term VPPAs which support the construction of solar and wind power facilities.
For more details, visit Verizon.com.
On February 16, 2022, Loop Capital Markets acted as a co-manager on a three-tranche $1.9 billion senior callable fixed/floating rate reset notes offering, with a Green bond tranche, for Mizuho Financial Group, Inc. The bonds are rated A1/A- across 4- and 8-year tranches.
Use of proceeds are earmarked to make a loan that is intended to qualify as Internal Total Loss-Absorbing Capacity (TLAC) under the Japanese TLAC standards to Mizuho Bank. Mizuho Bank will utilize such funds in connection with the Green bonds, to finance or refinance existing or new Eligible Green Projects.
On February 16, 2022, Loop Capital Markets mandated as a joint-lead manager on $2.6 billion senior unsecured fixed/floating rate notes offering for Morgan Stanley. The 4-year bond is rated A1/BBB+/A.
Use of proceeds are earmarked for general corporate purposes. Loop Capital Markets and 5 additional diverse-owned firms participated as joint-bookrunners.
On February 16, 2022, Loop Capital Markets acted as a co-manager on a four-tranche, $4.6 billion senior unsecured fixed/floating rate notes offering for JPMorgan Chase & Co. The bonds are rated A2/A-/AA- across 4- and 6-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On February 16, 2022, Loop Capital Markets served as a co-manager on a four-tranche, $2.4 billion, first mortgage bond offering for Pacific Gas and Electric Company. The notes are rated Baa3/BBB- across 2-, 7-, 10- and 30-year tranches.
Use of proceeds are earmarked for the prepayment of all of the loans outstanding under the Utility 18-Month Term Loan Facility pursuant to the Utility Term Loan Credit Agreement, in an amount equal to $1.298 billion, and the remaining net proceeds for general corporate purposes, including the repayment of borrowings outstanding under the Utility Revolving Credit Facility.
On February 16, 2022, Loop Capital Markets acted as a co-manager on a €750 million, senior unsecured bond offering for Mastercard Inc. The 7-year bond is rated A1/A+.
Use of proceeds are earmarked for general corporate purposes.
On February 15, 2022, Loop Capital Markets served as sole manager on the City of Chicago’s (the “City”) $25.2 million Special Assessment Improvement Bonds, Refunding Series 2022 (Lakeshore East Project) (the “Bonds”), which was unrated. Lakeshore East is a master-planned development that began in 2002 comprising approximately 26 acres in Chicago located adjacent to Michigan Avenue and the Chicago River. The Special Assessment Area encompasses most of the development and currently consists of 17 buildable parcels with the entire project to be developed within the next 10 years.
Proceeds of the Bonds were used to (i) refund all of the City’s Special Assessment Improvement Bonds, Series 2002 (Lakeshore East Project), (ii) fund certain reserves for the Bonds, and (iii) pay costs of issuance. The Series 2002 Bonds were refinanced to achieve a lower interest cost and to release eligible reserves in an effort to further pay down a portion of the debt. The Bonds were structured to achieve uniform savings with tax-exempt par coupon bonds amortizing from December 1, 2022 to December 1, 2032 with no optional redemption feature given the short final maturity.
Immediately following the release of the Preliminary Limited Offering Memorandum (“PLOM”), the Firm’s salesforce actively began the pre-marketing process and contacted a broad range of prospective accounts within the limitations of a limited public offering, including current holders of the Series 2002 Bonds. The Firm coordinated three investor one-on-one conference calls with the City and Developer and the PLOM was viewed by 39 investors.
The Firm successfully priced the transaction during a volatile market with MMD cuts of up to six basis points across the curve. Due to strong subscription levels, spreads were tightened by 7 basis points across all maturities from pre-pricing to final pricing. The average coupon of the refunding bonds was 3.109% which was a reduction of 54% from the 6.749% average coupon of the refunded bonds. The refunding generated $6.2 million of Net Present Value savings or $1.7 million of annual savings for Lakeshore East residents.
On February 15, 2022, Loop Capital Markets served as a co-manager on a three-tranche $1.5 billion senior unsecured notes offering for Enbridge Inc. The bonds are rated Baa1/BBB+.
Use of proceeds are earmarked to reduce existing indebtedness, partially fund capital projects, for working capital requirements, and for general corporate purposes.
