Public Finance

Underwriting

Our team of senior professionals offers a wide range of public finance investment banking and underwriting services to our municipal clients, including state and local governments, transportation entities including airports, toll roads, and mass transit agencies, water and sewer agencies, housing authorities, higher education institutions, and healthcare providers among other sectors.

We have served as a Senior Manager for some of the largest and most sophisticated issuers in the municipal marketplace and regularly rank among the Top 15 of municipal negotiated Senior Managers and among the Top 5 of negotiated Co-Managers. Since inception, we have served as Senior or Co-Manager on more than $1 trillion for issuers across nearly every state.

Project Finance

Our Project Finance team leverages years of experience in varying market conditions to service our clients’ financing needs.

We understand that structure, risk and cost greatly vary from project-to-project. Our team has comprehensive modeling capabilities to assist clients in optimizing financing structures.

Direct and Private Placements

Our team of skilled and connected professionals works with a broad range of investors and banking institutions to ensure clients have efficient and effective access to the large municipal private placement market.

Our group of private placement professionals possess an in-depth knowledge of the private investor base and works with clients to secure traditional and non-traditional means of raising capital for expansion, acquisitions and more.

Structures and Specialized Finance

Our team of structured and specialized finance experts works closely with clients to develop strategic offerings for restructurings and other unique circumstances.

The team takes a comprehensive look at our clients’ past and future objectives and develops strategic advisory plans to ensure they are in the best position possible for long-term gain and success.

Latest deals

Loop Capital Markets Serves as Bookrunner on $280,845,000 Sacramento City Unified School District’s GO Bonds, Election of 2020 (Measure H), 2022 Series A and 2022 GO Refunding Bonds

On June 28, Loop Capital Markets (“Firm”) served as Senior Manager for a combined $280,845,000 offering of tax-exempt General Obligation Bonds issued by Sacramento City Unified School District (“District”), comprised of $225,000,000 Election of 2020 (Measure H), 2022 Series A Bonds (New Money) and $55,845,000 Refunding Bonds, (collectively, “the Bonds”) rated A3 (negative) by Moody’s, AA by S&P (based on BAM insurance), and AA (stable) by Kroll, respectively.

The Refunding Bonds current refunded the District’s 2012 GO Refunding Bonds, and the Series A Bonds were the first drawdown of the District’s $750 million Measure H authorization.

The Firm worked closely with the District’s Municipal Advisor to tailor the amortization of the Series A Bonds to give the District maximum flexibility for subsequent drawdowns of Measure H, keeping a keen eye on the $60 tax rate indicated to voters under Measure H. Both Loop and the District’s Municipal Advisor recommended applying for a Kroll rating due to our agreement with Kroll’s rating methodology for California K-12 GO Bonds, which focuses on an issuer’s underlying tax base ($40 billion AV in the case of the District), the statutory framework supporting the imposition, collection, and administration of voter-approved unlimited ad valorem tax levies, as well as the statutory lien and oversight mechanisms provided by State law. Our banking team recommended using an 8-year call for the Series A New Money Bonds to sync up with the District’s 2021 Bonds, setting up a potential future “consolidated current refunding.”

Following the posting of the POS, our bankers held a “teach in” call with our sales force to explain the ratings differential and to emphasize the very strong underlying security. To focus our premarketing efforts, we mapped out the top holders of the District’s 2012 GO Refunding Bonds (who will be refunded out), as well as the top holders of the District’s outstanding GO Bonds. Our underwriting desk added a discount 4% coupon and two 5.50% coupon Terms in response to reverse inquiry from an “anchor” order. Our sales force generated over $1 billion in orders from 38 unique accounts, including 12 previous investors and 26 new accounts compared to the District’s June 2021 sale. At the final pricing, the Refunding Bonds generated $4.7 million of gross taxpayer savings, or $3.8 million present value (6.38%). In support of our price views, the syndicate underwrote $21.2 million bonds (approximately 8% of the loan).

April 25, 2023

Loop Capital Markets Serves as Book Running Senior Manager for $150.96MM New York State Environmental Facilities Corporation State Revolving Funds Revenue Bonds, Series 2023A

April 19, 2023

Loop Capital Markets Serves as Joint Bookrunner on State of Illinois’ $2.5 Billion General Obligation Bonds, Series of May 2023ABCD

January 26, 2023

Loop Capital Markets Serves as Book Running Senior Manager for the $64.935 million City of St. Louis Airport Revenue Bonds, Series 2023A (Non-AMT) and Series 2023B (AMT) (St. Louis Lambert International Airport)

January 19, 2023

Loop Capital Markets Serves as Bookrunning Senior Manager for NJEDA’s $160 million State Lease Revenue Bonds (Offshore Wind Port Project), 2023 Series A (Federally Taxable) (Green Bonds – Climate Bond Certified)

December 6, 2022

Loop Capital Markets Serves as Senior Manager on the State of Ohio’s $377 Million G.O. Bonds, Series 2022

November 16, 2022

Loop Capital Markets Serves as Bookrunning Senior Manager on Ohio Water Development Authority’s $150 Million Drinking Water Assistance Fund Revenue Bonds, Series 2022A (Sustainability Bonds)

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