On June 2, 2022, Loop Capital Markets served as a co-manager on a $500 million high yield senior unsecured notes offering for Advanced Drainage Systems Inc. The 8-year bond is rated Ba2/B+.
Use of proceeds are earmarked to repay the full outstanding borrowings under its senior revolving credit facility, and the remainder for general corporate purposes.
On June 2, 2022, Loop Capital Markets served as a co-manager on a two-tranche, $750 million senior unsecured notes offering for Jackson Financial Inc. The bonds are rated Baa2/BBB/BBB across 5- and 10-year tranches.
Use of proceeds are earmarked to repay approximately $750 million of borrowings under a delayed draw term loan facility.
On June 1, 2022, Loop Capital Markets served as a senior co-manager on a $500 million senior unsecured notes offering for Baltimore Gas and Electric Co. The 30-year bond is rated A3/A/A.
Use of proceeds are earmarked to repay certain outstanding commercial paper obligations, redeem outstanding notes and for general corporate purposes.
On May 24, 2022, Loop Capital Markets served as a co-manager on a 3-tranche, $3 billion senior unsecured euro notes offering for Visa Inc. The bonds are rated Aa3/AA- across 4-, 7- and 12-year tranches.
Use of proceeds are earmarked for general corporate purposes and refinancing of existing indebtedness.
On May 18, 2022, Loop Capital Markets served as a co-manager on a 3-tranche, $1.3 billion FMB offering for Southern California Edison Co. The bonds are rated A3/A- across 3-, 5- and 30-year tranches.
Use of proceeds are earmarked to fund the payment of wildfire claims above the amount of expected insurance proceeds, to repay commercial paper borrowings that were used to fund the payment of such wildfire claims and for general corporate purposes.
On May 18, 2022, Loop Capital Markets served as a co-manager on a $500 million senior unsecured notes offering for Church & Dwight Co., Inc. The 30-year bond is rated A3/BBB-.
Use of proceeds are earmarked to repay at maturity all of the outstanding August and October 2022 Notes.
On May 17, 2022, Loop Capital Markets (“Loop” or the “Firm”) served as Senior Manager on Princeton University’s (the “University”) $300 million Taxable Bonds, Series 2022 (Corporate CUSIP). The Bonds were rated Aaa/AAA by Moody’s and S&P. The Firm also served as Co-Senior Manager on the University’s tax-exempt issuance through the New Jersey Educational Facilities Authority (totaling $300MM), which priced the same day.
The University elected to issue the taxable bonds in a long-dated maturity and issue the tax-exempt bonds in 5-year and 10-year maturities, and Loop assisted the University and its Financial Advisor to develop a Plan of Finance that best captured current market dynamics (e.g., tax-exempt-to-taxable ratios), debt management objectives, and Index Eligibility benefit. Broader Fixed Income Markets had a softer tone leading up to pricing due to concerns around inflation, slowing growth, and an increasingly hawkish FOMC, leading to investors increasingly focusing on credit quality, with greater appetite for high-grade names such as the University. Ultimately, Loop and the syndicate generated over $1 billion in orders and was able to successfully execute a transaction that resulted in a yield of 4.201% to the University.
Immediately following the release of the Preliminary Offering Memorandum, our salesforce and the syndicate actively began the pre-marketing process and contacted a broad range of prospective investors. Loop’s team compiled an investor analysis identifying the University’s top corporate buyers and targeting the top national higher education taxable bond holders. The Firm also facilitated a one-on-one call with an existing investor and the University that led to a large order which helped drive leverage in the order book.
A total of 57 accounts participated in the transaction, resulting in over $1 billion of orders, or 3.5x oversubscription. Participating accounts included a variety of investor types, including Insurance Companies, Bond Funds, Prop/Trading Accounts, Money Managers, Investment Advisors, ETFs and Banks. The transaction also had a strong reception from International Investors. The Firm targeted Insurance Companies during pre-marketing as likely to participate strongly in the transaction and these investors ultimately composed 43% of the initial order book. Due to strong subscription levels, the Firm was able to tighten spreads by 10 basis points to achieve a final spread of +100 bps.
On May 17, 2022, Loop Capital Markets served as a co-manager on a $600 million senior unsecured notes offering for Motorola Solutions, Inc. The 10-year bond is rated Baa3/BBB+/BBB-.
Use of proceeds are earmarked to repurchase the 2024 Notes that are tendered in the Tender Offer and to pay related fees and expenses and for general corporate purposes.
On May 17, 2022, Loop Capital Markets served as a co-manager on a two-tranche $4 billion senior unsecured fixed/floating rate notes offering for Citigroup, Inc. The bonds are rated A3/BBB+/A across 6- and 11-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On May 17, 2022, Loop Capital Markets served as a co-manager on a 5-tranche, $6 billion senior unsecured notes offering for UnitedHealth Group Inc. The bonds are rated A3/A+/A across 5-, 7-, 10-, 30- and 40-year tranches.
Use of proceeds are earmarked for general corporate purposes which may include refinancing short-term borrowings, working capital, redeeming, repurchasing or repaying outstanding securities.
