On August 4, 2021, Loop Capital Markets acted as a co-manager on a two-tranche $2 billion notes offering for Raytheon Technologies Corporation. The bonds are rated Baa1/A- across 10- and 30-year tranches
Use of proceeds are earmarked to fund redemptions, potential acquisitions, stock repurchase, and for general corporate purposes.
On August 4, 2021, Loop Capital Markets was mandated as a co-lead manager on a $1.50 billion Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities for Barclays PLC. The 7-year bond is rated Ba2/B+/BBB-.
Use of proceeds are earmarked for general corporate purposes and/or to strengthen the capital base of the company and its subsidiaries.
On August 3, 2021, Loop Capital Markets served as a co-manager on a $500 million notes offering for ERP Operating Limited Partnership. The 10-year bond is rated A3/A-/A
Use of proceeds are earmarked for financing or refinancing Eligible Green Projects and general corporate purposes.
On August 3, 2021, Loop Capital Markets was mandated as a joint-bookrunner on a 3-tranche $1.50 billion notes offering for Rockwell Automation, Inc. The bonds are rated A3/A/A across 2-, 10- and 40-year tranches
Use of proceeds are earmarked to partially fund the Plex acquisition and for general corporate purposes.
On August 2, 2021, Loop Capital Markets acted as a co-manager on a $250 million bond offering for GATX Corporation. The 30-year bond is rated Baa2/BBB.
Use of proceeds is earmarked for general corporate purposes.
On August 2, 2021, Loop Capital Markets acted as a co-manager on a $750 million senior notes offering for Hess Midstream Operations LP. The 9-year bond is rated Ba3/BB+/BB+.
Use of proceeds are earmarked to finance subject units in the repurchase agreement and for general corporate purposes.
Loop Capital Markets acted as a co-manager on a $487.06 million (IPO) for Traeger, Inc.
Use of proceeds are earmarked for working capital and general corporate purposes.
On July 21, 2021, Loop Capital Markets served as the Book Running Senior Manager for Harris County Flood Control District’s $256.455 million Improvement Refunding Bonds, Series 2021A. The Bonds were rated Aaa (Stable) / AAA (Stable) by Moody’s and Fitch, respectively.
Bond proceeds were used to refund $312 million of outstanding Flood Control Limited Tax General Obligation Commercial Paper Notes, Series H. During the pre-marketing process, the Firm collected reverse inquiries for couponing during pre-marketing resulting in the use of 1%, 3%, 4% and 5% coupons.
On the day of pricing, fixed-income markets sold off with longer maturities of MMD cut by up to four basis points. Despite a challenging market, the syndicate generated $545 million of priority orders after adjustments. 37 institutional accounts participated resulting in 2.1x oversubscription. Given the high-grade nature of the credit, there was strong interest from SMAs, Bank Trusts and Private Wealth Managers. Due to strong interest, the Firm has able to tighten some maturities up to eight basis points.
Yields were up to 25 basis points tighter than the last time this credit came to market in September 2020. While $46.470 million of bonds were unsold at the end of the order period, the balance was reduced by making structural changes, including adjusting coupons and terming up serial maturities. Ultimately, $23.590 million of bonds were underwritten by Loop Capital Markets.
All in all, the County secured a low True Interest Cost of 2.305%.
July 16, 2021, Loop Capital Markets acted as a co-manager on a $169 million (IPO) for Black Spade Acquisition Co.
Use of proceeds are earmarked for working capital and general corporate purposes.
On July 14, 2021, Loop Capital Markets served as senior manager on the NYC TFA’s $582.8 million Building Aid Revenue Bonds, Fiscal 2022 Series S-1, Subseries S-1A (Tax-Exempt) transaction. The Bonds were rated Aa3/AA/AA by Moody’s, S&P and Fitch, respectively. Bond proceeds were used to refund all or a portion of NYC TFA’s outstanding bonds to achieve debt service savings. In addition, the $230.2 million Fiscal 2022 Series S-1, Subseries S-1B Bonds (Taxable) were sold competitively on the same day.
The transaction was the second-largest negotiated tax-exempt transaction of the week, with a start of week calendar for negotiated transactions totaling $8.0 billion while competitive transactions totaled $2.3 billion; the expected total weekly municipal volume of $10.3 billion was $4.1 billion above the year-to-date average. Treasuries were volatile as the 10-year rate rose by 7 bps from 1.34% to 1.41% before rallying back down to 1.34% during the Retail Order Period (“ROP”) and Institutional Order Period (“IOP”).
Loop Capital assisted the City in developing a comprehensive internet roadshow, primarily aimed at addressing concerns over the impact on State Building Aid resulting from the Coronavirus pandemic. The roadshow was ultimately viewed by 75 research analysts and investors.
Loop Capital Markets conducted a two-day ROP that generated $398.0 million in orders on Day 1 and $468.8 million by the end of Day 2. The Firm submitted $460.2 million in orders over the two days. After the ROP, several maturities were closed and $301.2 million were offered for the IOP. Total orders during the ROP and IOP were $1.7 billion, and the transaction was oversubscribed by 2.9x prior to the repricing. During the repricing discussion, 11 maturities were bumped from 1 to 4 bps. Ultimately, 65 professional retail and institutional investors participated in the deal, primarily consisting of Bond Funds and SMAs. Overall, the $813.0 million Fiscal 2022 Series S-1 tax-exempt and taxable transaction produced $216.0 million, or 22.59%, of PV savings.
