On August 14, 2020, Duck Creek Technologies, a leading SaaS platform for the Property & Casualty Insurance industry, raised $405 million in an initial public offering by issuing 15 million shares at an offering price of $27.00. Loop Capital Markets served as a co-manager on the initial public offering.
The company intends to use the net proceeds from this offering to redeem outstanding LP units, repurchase a portion of the shares in the company received by the principal stockholder in a reorganization merger, cash settle outstanding equity awards of certain international employees, and for general corporate purposes.
On August 13, 2020, Loop Capital Markets acted as a co-manager on a four-tranche, $1 billion, asset backed securities offering for OneMain Financial Issuance Trust 2020-2.
Use of proceeds are earmarked for funding the purchase price of the initial Loans transferred to the Issuer on the Closing Date and to fund the Reserve Account with the Reserve Account Required Amount.
On August 13, 2020, Loop Capital Markets acted as a co-manager on a two-tranche, $575 million, senior unsecured bond offering for Flex Ltd. The notes are rated Baa3/BBB- across 6- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On August 13, 2020, Loop Capital Markets acted as a co-manager on a four-tranche, $5.5 billion, senior unsecured bond offering for Apple. The notes are rated Aa1/AA+ across 5- 10- 30- and 40-year tranches.
Use of proceeds are earmarked for general corporate purposes, including repurchases of the common stock and payment of dividends under the program to return capital to shareholders, funding for working capital, capital expenditures, acquisitions and repayment of debt.
On August 12, 2020, Loop Capital Markets served as a co-manager on KKR’s offering of $1.15 billion of mandatory convertible preferred stock.
The company intends to use the net proceeds from this offering to fund the acquisition of Global Atlantic Financial Group Limited and pay related costs and expenses.
On August 12, 2020, Loop Capital Markets acted as a co-manager on a one-tranche, $1 billion, senior unsecured bonds offering for Marriott International. The 12 year senior unsecured bond is rated Baa3/BBB-.
Use of proceeds are earmarked for general corporate purposes, including repayment of outstanding indebtedness, which may include amounts drawn under the company’s credit facility.
On August 12, 2020, Loop Capital Markets acted as a co-manager on a two-tranche, $2 billion, senior unsecured bond offering for NiSource Inc. The notes are rated Baa2/BBB across 5- and 11-year tranches.
Use of proceeds are earmarked for paying the purchase price of tender offers and redemption any notes outstanding after the expiration of the tender offers and selected other bonds outstanding. Any remaining proceeds will be used for general corporate purposes.
On August 12, 2020, Loop Capital Markets acted as a co-manager on a three-tranche, $3 billion, senior unsecured bond offering for CVS Health Corporation. The notes are rated Baa2/BBB across 7- 10- and 20-year tranches.
Use of proceeds are earmarked for the purchase of tender offer notes, and remaining proceeds will be used for general corporate purposes.
On August 11, 2020, Loop Capital Markets acted as a co-manager on a three-tranche, $4.5 billion, senior unsecured bond offering for Comcast Corporation. The notes are rated A3/A- across 11- 32- and 42-year tranches.
Use of proceeds are earmarked for the refinancing of certain outstanding debt.
On August 11, 2020, Loop Capital Markets acted as a co-manager on a two-tranche, $3 billion, senior unsecured bond offering for MPLX LP. The notes are rated BBB/BBB across 6- and 10-year tranches.
Use of proceeds are earmarked for repaying or redeem existing indebtedness, and any remaining net proceeds will be used for general partnership purposes.
