Loop Capital Markets Served as Bookrunning Senior Manager on The County of Cook, Illinois $164.545 Million Sales Tax Revenue Bonds, Series 2024

On August 6, 2024, Loop Capital Markets served as Bookrunning Senior Manager on The County of Cook, Illinois’ (the “County”) $164.545 million Sales Tax Revenue Bonds, Series 2024 (the “Bonds”). The Bonds were rated AA- (Stable) by S&P, AA (Positive) by Fitch, and AAA (Stable) by Kroll, with Fitch upgrading the County’s rating from AA- to AA. The Bonds were issued to refund all or portions of the County’s outstanding General Obligation Bonds Series 2014D and Series 2018, refinancing certain capital projects originally funded with the proceeds of those bonds, finance or refinance the construction, equipping, alteration, or repair of various County facilities, and cover the costs of issuing the Series 2024 Bonds and refunding the Series 2014D and 2018 Bonds. Ahead of the transaction, Loop Capital assisted the County in creating a comprehensive electronic investor roadshow, which attracted views from 28 prospective investors. The Bonds were structured as fixed-rate serial bonds with 5% coupons, maturing between 2024 and 2044. Additionally, the Bonds featured an 8-year call option starting on November 15, 2032, allowing future financial flexibility for the County. Despite market volatility caused by economic data releases and geopolitical events in the Middle East, Loop Capital’s strong marketing efforts led to orders from 35 institutional investors, resulting in an impressive $1.047 billion in total priority orders, representing a 7.1x oversubscription. As a result of this strong demand, spreads were tightened by up to 9 basis points across several maturities. Ultimately, the County achieved an All-In TIC True Interest Cost of 3.904%.