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%.
On January 11, 2021, Loop Capital Markets acted as a co-manager on a one-tranche, $900 million, fixed rate bond offering for New York Life Global Funding. The 15-year fixed rate bond is rated Aaa/AA+/AAA.
Use of proceeds are earmarked for a funding agreement from New York Life Insurance Company.
On January 7, 2021, Loop Capital Markets served as the Book Running Senior Manager for the New Jersey Economic Development Authority (the “Authority” or “NJEDA”) for its $350 million School Facilities Construction Bonds, 2021 Series QQQ (Social Bonds) (the “Bonds”). The Bonds were rated Baa1 / BBB / BBB+ by Moody’s, S&P and Fitch, respectively. The Authority designated its first School Facilities Construction Program “Social Bond” transaction based on the social benefits of ensuring inclusive and equitable quality education and promoting lifelong learning opportunities. NJ EDA intentionally came to market the first week of January due to its typically low weekly supply to take advantage of the strong technicals in the market at this time of the year with large amounts of coupon and redemption on January 1st.
NJ EDA received an All-In TIC of 3.00% for the transaction with a final maturity in 2050. The Firm’s robust marketing efforts resulted in 117 different investors participating in the transaction. Due to strong subscription levels, pricing of the Bonds tightened by up to 20 basis points in certain maturities from preliminary wire to the final pricing. The Authority’s transaction priced between 20 to 35 basis points lower in spreads than the New Jersey TTFA’s Transportation Program Bonds, Series 2020 Series AA, a comparably rated State appropriation credit, which priced on December 2, 2020.
On January 5, 2021, Loop Capital Markets acted as a co-manager on a two-tranche, $900 million, first mortgage bond offering for Southern California Edison. The bonds are rated A3/A-/BBB+ across 9- and 30-year tranches.
Use of proceeds are earmarked for repaying commercial paper and general corporate purposes.
On January 5, 2021, Loop Capital Markets acted as a co-manager on $750 million bond offering for Northwestern Mutual. The bonds are rated Aaa/AA+/AAA with a 5-year maturity.
Use of proceeds are earmarked for funding agreement from Northwestern Mutual.
On December 17, 2020, Seven Oaks Acquisition Corp. raised $225 million in an initial public offering by issuing 22.5 million units at an offering price of $10.00 per unit. Each of the 22.5 million units has an offering price of $10.00 and consists of one share of Class A common stock and one-half of one Redeemable Warrant. Loop Capital Markets served as a co-manager on the deal
