Loop Capital Markets served as joint bookrunner for a $500 million taxable financing for Harvard University on April 11th. The financing was a direct issuance of Harvard using a corporate CUSIP. The bonds were structured as a 30 year bullet, rated Aaa/AAA by Moody’s and S&P, respectively, and were priced at a spread to the 30 year Treasury plus 90 bps for a yield of 3.745%. The offering was completed in a day starting with an Indications of Interest (IOI) period in the morning with a spread of plus 105 and going directly to a launch with a spread tightening of 15 basis points to plus 90 bypassing the typical price guidance phase.
The transaction received strong subscription levels with three orders generated by Loop Capital which were from one of the largest global asset managers, an insurance company, and a hedge fund. This financing was the first component of a two-part financing from Harvard including a 10-year tax-exempt Green Bond to be issued by the University through the Massachusetts Development Finance Agency which is expected to price in early May 2022.
On April 5, 2022, Loop Capital Markets served as a co-manager on a $400 million high yield senior unsecured notes offering for Hess Midstream L.P. The 8-year bond is rated Ba2/BB+/BB+.
Use of proceeds are earmarked to repay borrowings under the Company’s revolving credit facility which was used to finance the previously announced repurchase of 13.5 million Class B units from affiliates of Hess Corporation and Global Infrastructure Partners.
On April 4, 2022, Loop Capital Markets served as a co-manager on a three-tranche $2.5 billion senior unsecured notes offering for General Motors Financial Company. The bonds are rated Baa3/BBB/BBB-across 3- and 7-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On March 31, 2022, Loop Capital Markets served as a co-manager on a $302 million follow-on stock offering for Hess Midstream L.P.
Use of proceeds are earmarked for the selling shareholders to receive all the net proceeds from this offering and Hess Midstream L.P. will not receive any proceeds from the sale of shares of common stock in this offering
On March 31, 2022, Loop Capital Markets served as a co-manager on a $400 million senior unsecured bond offering for PACCAR Financial Corp. The 3-year bond is rated A1/A+.
Use of proceeds are earmarked for general corporate purposes.
On March 31, 2022, Loop Capital Markets served as a co-manager on a 6-tranche $6.5 billion senior unsecured notes offering for Corebridge Financial, Inc. The bonds are rated Baa2/BBB+/BBB+ across 3-, 5-, 7-, 10-, 20- and 30-year tranches.
Use of proceeds from this offering, together with borrowings under the Corebridge’s 3-year and 18-month delayed draw term loan facility, are earmarked to repay the $8.3 billion promissory note previously issued by the Company to AIG.
On March 30, 2022, Loop Capital Markets served as the Book Running Senior Manager for the NYC Transitional Finance Authority’s $950 million Future Tax Secured Subordinated Bonds, Fiscal 2022 Series F, Subseries F-1. The Bonds were rated Aa1 (Stable) by Moody’s, AAA (Stable) by S&P and AAA (Stable) by Fitch. Bond proceeds will be used to finance general City capital expenditures. Additionally, $300 million of Fiscal 2022 Subseries F-2 and F-3 (Taxable) were sold competitively on the same day.
In preparation for pricing, a roadshow was created, which was viewed by 52 investors. The Firm conducted a two-day Retail Order Period (ROP) with $706 million offered on Day 1 and $750.66 million on Day 2. $212.93 million in orders were received on Day 1 and $320.30 million by the end of Day 2. After the ROP, TFA entered the market with $747.28 million of bonds offered for the Institutional Order Period (IOP). The bond market experienced a high level of volatility due to potential increase in Fed Funds Rate, ongoing geopolitical tension between Russia and Ukraine, Fed speakers’ comments, and major economic announcements. Given the overall significant New York supply over the last month, Loop Capital’s salesforce worked diligently to produce superior results and generated total institutional orders of $5.86 billion from 121 accounts. Total orders during the ROP and IOP were $6.13 billion, and the transaction was oversubscribed by 6.5x. The transaction was the third largest negotiated tax-exempt transaction of the week, with a total volume of almost $9.6 billion ($7.32 billion negotiated and $2.23 billion competitive). Due to strong subscription levels, the Firm was able to lower yields by up to 8 bps depending on the maturity.
On March 30, 2022, Loop Capital Markets was mandated as an active co-manager on a three-tranche $3 billion senior unsecured notes offering for Workday, Inc. The bonds are rated Baa2/BBB across 5-, 7-, and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes which includes repayment of a Term Loan and may include repayment of Convertible Senior Notes.
On March 29, 2022, Loop Capital Markets served as a co-manager on a $550 million senior unsecured green bond offering for Welltower Inc. The 10-year bond is rated Baa1/BBB+.
Use of proceeds will be allocated to a portfolio of Eligible Green Projects and pending the allocations for such purposes, the proceeds are earmarked for general corporate purposes, including repayment of debt and investing in health care and seniors housing properties.
On March 29, 2022, Loop Capital Markets served as a co-manager on a two-tranche $2 billion senior unsecured notes offering for HP Inc. The bonds are rated Baa2/BBB across 7-, and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes which may include debt repayment, debt refinancing, funding of acquisition opportunities, working capital, capital expenditures and share repurchases.
