On February 9, 2022, Loop Capital Markets acted as a co-manager on a two-tranche, $2 billion fixed/floating rate senior unsecured notes offering for Starbucks Corporation. The bonds are rated Baa1/BBB+/BBB across 2-and 10-year tranches.

Use of proceeds are earmarked for general corporate purposes which may include the repayment of outstanding indebtedness, including outstanding borrowings under their commercial paper program, the repurchase of their common stock under their ongoing share repurchase program, business expansion, payment of cash dividends, or the financing of possible acquisitions. Additionally, Starbucks may temporarily invest in short-term investments, including marketable securities.

On February 9, 2022, Loop Capital Markets acted as a co-manager on a four-tranche, $3.5 billion senior unsecured notes offering for Union Pacific Corporation. The bonds are rated Baa1/A-/A- across 10-year, 20-year, 31-year and 50-year tranches.

Use of proceeds are earmarked for general corporate purposes, including the repurchase of common stock pursuant to their share repurchase program.

On February 9, 2022, Loop Capital Markets acted as a co-manager on a three-tranche, $2.5 billion senior unsecured notes offering for Aptiv PLC. The bonds are rated Baa2/BBB across 3-year, 10-year, and 30-year tranches.

Use of proceeds are earmarked to fund a portion of the cash consideration, fees and expenses in connection with the Acquisition of Wind River Systems, Inc. and for general corporate purposes.

On February 8, 2022, Loop Capital Markets served as the Senior Manager on San Diego County Water Authority’s (the “Water Authority”) $170 million Water Revenue Bonds, Series 2022A (the “Bonds”). The Bonds were rated Aa2 (Stable) / AAA (Stable) / AA+ (Stable) by Moody’s, S&P, and Fitch, respectively.

Bond proceeds were used to finance a portion of the design, acquisition and construction of various capital projects in furtherance of the Water Authority’s Capital Improvement Program. The Bonds had a maturity structure, comprised of serial maturities from 2023-2042 and term bonds in 2047 and 2052. Serials structured with 5% coupons from 2023 to 2037 and 4% coupons in 2038 and thereafter while the 2047 and 2052 term bonds both had a 5% coupon, all with a 10-year call.

The Firm assisted the Water Authority in developing a comprehensive internet roadshow, primarily aimed at highlighting its credit and financial strength, progress with water supply diversification and water conservation efforts to address the drought and continued success in operating through COVID-19 among other things. The roadshow was ultimately viewed by 29 research analysts and investors. The Firm’s banking team, led by our dedicated credit and rating agency specialist, also worked very closely with the Water Authority to help develop a clear and effective rating agency presentation, which resulted in a positive change from a negative to a stable outlook from S&P.

Following the release of the POS and investor roadshow, the Firm’s salesforce actively began the pre-marketing process and contacted a broad range of prospective accounts. We also helped setup a one-on-one virtual meeting with an investor to help address credit questions which resulted in the investor putting in over $85 million in orders. The Firm was able to bring in orders from 27 new investors who were not current holders of the Water Authority’s debt. The Firm’s marketing efforts resulted in over $756 million in orders from 48 investors in total. Ultimately, the Firm successfully priced the Bonds in a challenging market characterized by heightened volatility, tightening muni market liquidity, and MMD cuts of up to 5 bps across the curve. The All-In TIC for the transaction was 3.08%.

On February 8, 2022, Loop Capital Markets served as a co-manager on a $500 million high yield senior secured notes offering for News Corporation. The 10-year bond is rated Ba2/BB+.

Use of proceeds are earmarked for general corporate purposes, including to fund the acquisitions of the Base Chemicals and Oil Price Information Service businesses from S&P Global Inc. and IHS Markit Ltd, which are undergoing a merger.

On February 1-2, 2022, Loop Capital Markets served as the Senior Manager for LAWA’s $469.8 million Subordinate Revenue and Refunding Revenue Bonds, 2022 Series C ($307.0 million Private Activity/AMT), D ($101.5 million Private Activity/Non-AMT), E ($20.2 million Governmental Purpose/Non-AMT) and F ($40.9 million Federally Taxable) (the “Bonds”). The Bonds were rated Aa3 (Stable) / AA- (Stable) / AA- (Stable) by Moody’s, S&P, and Fitch, respectively.

The Firm successfully priced both tax-exempt and taxable tranches in a challenging market characterized by heightened volatility, tightening municipal market liquidity, and elevated issuance of airport paper issued since January 1, 2022. The day of pricing, however, saw significant improvement in muni/Treasury ratios (and demand for munis) as MMD remained stable and rallied up to 5 bps, while Treasuries remained flat. The Firm’s robust marketing efforts resulted in over $5 billion in orders from 124 unique investors across the tax-exempt and taxable series. Bond Funds were the largest component of orders of both the tax-exempt and taxable series.

The maturity structure of the Bonds, comprised of serial maturities through 2024 and term bonds through 2049, contained various customized coupons to match demand (all with a 10-year call). The all-in TIC for the transaction was 2.86%.

Ultimately, the Firm was able to manage a complex finance plan which involved multiple constraints and financing goals for each component including new money, refunding and restructuring. The plan allocated debt service for 59 individual projects among 5 cost centers, each with separate targeted average lives. LAWA was also able to maintain cost stability as result of the level debt service new money structure and the $40 million of cash flow relief generated by the refunding/restructuring.

On February 2, 2022, Loop Capital Markets acted as a co-manager on a $450 million fixed rate reset non-cumulative perpetual preferred stock offering for U.S. Bancorp. The securities are rated Baa1/BBB+/BBB+.

Use of proceeds are earmarked to fund a portion of the cash consideration in connection with the Acquisition of MUFG Union Bank, N.A., for general corporate purposes, and to temporarily invest to reduce short-term indebtedness.  After the closing of the Acquisition, U.S. Bancorp will merge Union Bank with and into U.S. Bank National Association, the company’s wholly owned subsidiary.

On February 2, 2022, Loop Capital Markets was mandated as an active joint-bookrunner on a three-tranche, $1.5 billion senior unsecured fixed/floating rate notes offering for State Street Corp. The bonds are rated A1 /A/AA- across 4-year, 6-year, and 11-year tranches.

Use of proceeds are earmarked for general corporate purposes, which may include, working capital, capital expenditures, investments in or loans to subsidiaries, refinancing of outstanding indebtedness, refinancing of outstanding capital securities, share repurchases, dividends, funding potential future acquisitions and satisfaction of other obligations.

On February 1, 2022 Loop Capital Markets served as a co-manager on a $250 million senior unsecured convertible notes offering for Xometry, Inc.  The notes have a 5-year tenor.

Use of proceeds are earmarked for general corporate purposes, working capital, and potential acquisitions or strategic investments in complementary businesses, products, services, or technologies.

On February 1, 2022, Loop Capital Markets acted as a co-manager on a five-tranche, $9.0 billion senior unsecured fixed/floating rate medium-term Series N notes offering for Bank of America Corp. The bonds are rated A2/A-/AA- across 3-, 5- and 11-year tranches.

Use of proceeds are earmarked general corporate purposes, which may include working capital, funding of investments, extensions of credit, acquisitions, and reductions, redemptions, repayments or repurchases of outstanding indebtedness or equity securities.