On January 28, 2021, Loop Capital Markets acted as a co-manager on a one-tranche, $400 million, medium-term bond offering for PACCAR. The 3-year medium-term bond is rated A1/A+.
Use of proceeds are earmarked for general corporate purpose.
On January 26, 2021, D and Z Media Acquisition Corp. raised $287.5 million in an initial public offering by issuing 27.5 million units at an offering price of $10.00 per unit. Each of the 28.75 million units has an offering price of $10.00 and consists of one share of Class A common stock and one-third of one Redeemable Warrant. Loop Capital Chairman and Chief Executive Officer, Jim Reynolds, serves as a member of D and Z Media’s advisory board.
D and Z Media intends to deposit all the net proceeds from this offering into a trust account. The proceeds will not be released until the earliest to occur of: the completion of an initial business combination, the redemption of the public shares issued in this offering if unable to complete an initial business combination within 24 months from the closing of this offer, and the redemption of any public shares properly submitted in connection with a shareholder vote to approve an amendment to the amended and restated memorandum and articles of association that would modify the substance and timing of the obligation to redeem 100% of the public shares if D and Z Media does not complete an initial business combination within the completion window.
On January 21, 2021, Loop Capital Markets acted as a co-manager on a one-tranche, $915 million, preferred offering for Bank of America.
Use of proceeds are earmarked for general corporate purposes, including, but not limited to, the redemption of outstanding preferred stock.
On January 21, 2021, Loop Capital Markets acted as a joint-lead manager on a one-tranche, $2.50 billion, fixed-to-floating bond offering for Citigroup. The 6-year senior fixed-to-floating bond is rated A3/BBB+/A.
Use of proceeds are earmarked for general corporate purpose.
On January 21, 2021, Loop Capital Markets acted as a co-manager on a one-tranche, $500 million, senior bond offering for Antares Holdings. The 5-year senior unsecured bond is rated BBB-/BBB.
Use of proceeds are earmarked for repaying debt and general business purpose.
On January 21, 2021, Loop Capital Markets acted as a co-manager on a two-tranche, $1.20 billion, senior unsecured bond offering for Bank of New York Mellon. The bonds are rated A1/A across 5- and 10 year tranches.
Use of proceeds are earmarked for general corporate purposes.
On January 20, 2021, Loop Capital Markets acted as a joint-lead manager on a one-tranche, $3 billion, fixed-to-floating bond offering for Morgan Stanley. The 3-year fixed-to-floating bond is rated A2/BBB+/A.
Use of proceeds are earmarked for general corporate purpose.
On January 20, 2021, Loop Capital Markets acted as a co-manager on a one-tranche, $3.50 billion, preferred offering for Wells Fargo.
Use of proceeds are earmarked for general corporate purposes, including, but not limited to, the redemption of some or all of outstanding preferred stock.
On January 19, 2021, Loop Capital Markets acted as a joint-bookrunner on a one-tranche, $750 million, senior unsecured bond offering for Air Lease. The 3-year senior unsecured bond is rated BBB/BBB.
Use of proceeds are earmarked for general corporate purpose.
On January 14, 2021, Loop Capital Markets served as the Book Running Senior Manager for the Pennsylvania Turnpike Commission (the “Commission”) for its $465.730 million Turnpike Subordinate Revenue Bonds, Series A of 2021. The Bonds were rated A3/A/A-/A+ by Moody’s, S&P, Fitch and Kroll, respectively. The financing was the Commission’s first tax-exempt Subordinate Lien Act 44/89 financing since 2019. Bond proceeds were used to fund the Commission’s required payment to the Pennsylvania Department of Transportation for mass transit and capitalized interest on the 2021A Bonds as well as its 2019 Subordinate Lien financing. The financing was structured with a back-loaded amortization to take advantage of low long-term interest rates and levelize the Commission’s debt service profile.
The Firm’s marketing efforts resulted in 85 different investors participating in the transaction. The Firm targeted 19 investors who have not historically participated in the Commission’s Subordinate Lien credit, but are major holders of the Commission’s Senior Lien debt and toll road issuers nationally. Eight of those 19 investors ultimately participated in the transaction. The transaction was heavily oversubscribed, resulting in spreads tightening by 10 basis points in each maturity. The Commission achieved among the lowest spreads for its Subordinate Lien credit and received an All-In TIC of 3.15%.
