Loop Capital Markets Serves as Senior Manager for Temple University’s $240 Million Revenue Bonds, First Series of 2025

On January 29, 2025, Loop Capital Markets served as Senior Manager for Temple University’s (the “University”) $239.630 million Revenue Bonds, First Series of 2025 (the “Bonds”). The Bonds have underlying ratings of “Aa3” (Stable) / “A+” (Stable) (Moody’s / S&P) and carry an insured S&P rating of “AA” by Assured Guaranty. Proceeds will be used to (i) refund through defeasance and optional redemption the University’s currently callable Revenue Bonds, First Series of 2015, First Series of 2016, and Second Series of 2016, (ii) refund through purchase and cancellation a portion of the University’s Revenue Bonds, First Series of 2020 that are tendered, and (iii) pay costs of issuance. The transaction also included a tender component for the University’s taxable Series 2020 Bonds – the Firm worked closely with the Dealer Manager to seamlessly integrate the tender offer into the plan of finance, ensuring smooth execution for the University.

In preparation for pre-marketing, Loop’s banking team created an electronic roadshow which was ultimately viewed by 46 unique investors. In addition, the Firm provided the University with investor feedback, summarizing accounts who expressed interest and rationale for those that did not expect to participate. Ultimately, 39 investors participated in the transaction with $1.1 billion in total orders (4.6x oversubscription). Given strong investor demand, the Firm was able to tighten spreads by two to eight basis points between pre-pricing and final pricing levels. The transaction generated nearly $27 million of total present value savings or 10.3% of the refunded par amount for the University. The tender offer of the Series 2020 Bonds achieved a 19% participation rate, with nearly $28.6 million of total tendered par.