On January 6, 2025, Loop Capital Markets acted as a co-manager on a three-tranche, $2.3 billion fixed/floating rate senior unsecured notes offering for Canadian Imperial Bank of Commerce. The bonds are rated A2/A-/AA- across 3- and 6-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On January 2, 2025, Loop Capital Markets acted as a co-manager on a $1 billion senior unsecured notes offering for Ares Capital Corporation. The 7-year bond is rated Baa2/BBB/BBB.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On January 2, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $2.5 billion high yield senior unsecured notes offering for Ford Motor Credit Company LLC. The bonds are rated Ba1/BBB-/BBB- across 5- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes.
JLC Infrastructure (“JLC”), a leading infrastructure investor, today announced the final closing of JLC Infrastructure Fund II (the “Fund”). The Fund, together with separately managed accounts, closed on capital commitments of $925 million, exceeding the Fund’s $750 million target. This is JLC’s second fund in the series and will be focused on making infrastructure investments across North America.
“We are pleased with JLC’s continued growth and tremendously appreciative of the institutional investors that continue to support the efforts of our firm. JLC’s unwavering commitment to delivering value to our investors, the communities in which we operate, and our public and private sector partners remains the bedrock upon which our success is built,” said Jim Reynolds, a Managing Member of JLC.
The JLC team has a strong track record of projects including its capital raising and related activities in connection with its investment in the New Terminal One project at John F. Kennedy International Airport. The $9.5 billion state-of-the-art project will result in a 23- gate, 2.4 million square foot terminal with construction anticipated to finalize in 2030.
JLC has assets under management of approximately $2.1 billion and currently manages investments in the transportation, energy, and communications sectors.
JLC was advised by Proskauer Rose.
About JLC Infrastructure
JLC is an investor and asset management firm focused on the transportation, communications, energy, utilities and social infrastructure sectors in the United States. The firm was formed in 2015 by Loop Capital and Magic Johnson Enterprises (“MJE”) with offices in Chicago and New York City. JLC has a broad network of long-standing relationships with municipalities, governments, infrastructure companies, investors, advisors and financing providers throughout the country.
On December 16, 2024, Loop Capital Markets served as a co-manager on a $115 million follow-on stock offering for EVgo, Inc.
Use of proceeds are earmarked for general corporate purposes.
On December 11, 2024, Loop Capital Markets served as a co-manager on a $719 million IPO (including the green shoe) for ServiceTitan, Inc.
Use of proceeds are earmarked for general corporate purposes, debt repayment, capital expenditure and working capital.
On December 9, 2024, Loop Capital Markets acted as a co-manager on a $450 million FABN offering for CNO Global Funding. The 3-year bond is rated A3/A-/A.
Use of proceeds are earmarked for general corporate purposes.
CHICAGO— Governor Pritzker along with leaders in business, education, and government from around the state will embark on a trade mission to Japan. During the course of the visit, the delegation will meet with their counterparts in Tokyo to discuss strengthening economic cooperation between the State of Illinois and Japan. Programming throughout the mission will focus on… clean energy, manufacturing, life sciences, quantum, and other key growth industries for the state.
“When I became Governor, I promised to be our state’s best Chief Marketing Officer—sharing with any and all global partners that Illinois is the best place to live, work, and do business,” said Governor JB Pritzker. “Over the course of next week, I couldn’t be more excited to meet with local and international leaders in Japan—highlighting our state’s many accomplishments and ambitious goals across sectors like education, clean energy, manufacturing, and business.”
“As Illinois focuses on the high growth potential in areas of advance manufacturing, quantum computing and clean energy, we are honored to join and engage with leaders at the international level in Japan to showcase all that Illinois’ economy has to offer on a global scale,” said DCEO Director Kristin Richards. “We are dedicated to continuing our long-standing relationship with our Japanese partners to expand opportunities and build on our collaborative success.”
Leaders joining the trade mission include:
Illinois and Japan have a long history of shared economic cooperation.
Exports are a Vital Part of Illinois’ Economy
Total Trade between Illinois and Japan in 2023
“This is a strategic opportunity to strengthen our economic ties with a key partner and foster continued growth in industries that support thousands of jobs in Illinois,” said Senate President Don Harmon (D-Oak Park).
“Japan is one of Illinois’ largest trading partners and this trip aims to help strengthen our mutually beneficial economic relationship. Illinois is a world-class leader in the clean energy revolution, quantum research, and manufacturing. We have one of the most robust and productive workforces in the Midwest and we will continue to position ourselves as the best place to welcome more business, investment, and innovation,” said Speaker Emanuel “Chris” Welch. “I look forward to joining Governor Pritzker and leaders from across our state as we further cultivate our economic relationship with Japan, while also fostering new and valuable connections.”
“Japan is one of Illinois’ top investment partners, and this delegation’s visit provides the unique opportunity to build on our relationship, share best practices, and foster economic growth,” said Intersect Illinois Chairman John Atkinson. “We’re fortunate to have engaged business and government leaders come together to showcase Illinois’ advantages in a way that will lead to long-term collaboration with our Japanese counterparts and ultimately attract investment in Illinois.”
“Manufacturing provides the single largest share of Illinois’ economy and relies on the ability to sell products across the world. Japan is one of the largest trading partners for Illinois and a leading source of foreign direct investment,” said Mark Denzler, President & CEO of the Illinois Manufacturers’ Association. “We applaud Governor Pritzker for focusing on attracting investment to Illinois while also working to help our state’s manufacturers grow markets and sell products globally.”
“PsiQuantum is excited to join Governor Pritzker and Team Illinois in this important economic trade mission to Japan,” said Professor Jeremy O’Brien, PsiQuantum Co-Founder and CEO. “We are honored to represent Illinois on the global stage and explore opportunities to continue to strengthen international partnerships. This mission underscores the importance of fostering innovation and collaboration across borders in emerging technologies, and we look forward to contributing to the growth of the global quantum ecosystem.”
As a Japanese company with a manufacturing presence in Illinois, we’ve seen firsthand how beneficial it is for us to have a strong relationship with Midwestern manufacturing hubs like Illinois,” said William Cox, Senior Vice President at AISIN. “As part of the automative supply chain, being established in this region is extremely important, and the support Governor Pritzker, his administration, and local governments have provided to businesses looking to grow in the state has been an important part of our ongoing planning.”
“I am honored to represent JLL and our Chicago headquarters as part of the delegation led by Governor Pritzker, and I know that the opportunity to engage with Japanese businesses is invaluable as we continue to expand our international reach,” said Meredith O’Connor, International Director at JLL. “Illinois’ commitment to global partnerships is evident through Governor Pritzker’s strategic investments and expert trade diplomacy, and we eagerly seek new collaborations for mutual economic growth and innovation in both regions.”
“Illinois is a global powerhouse with a GDP that would place them in the top 20 if the state was its own country—and that’s not even including the regional benefits of establishing a presence in a manufacturing hub with excellent infrastructure that connects to every part of the United States,” said Jim Reynolds, CEO of Loop Capital. “As an investment firm, we value businesses that understand international cooperation and are always looking for new clients and resources, and this trade mission will give numerous Illinois companies an opportunity to do exactly that.”
“There’s a reason Nexamp picked Illinois for our second global headquarters—we see how Governor Pritzker’s administration has invested in business and innovation over the last few years and how our shared commitment to a cleaner, more equitable energy system is having an impact in Illinois and around the globe,” said Nexamp CEO Zaid Ashai. “Nexamp is grateful to Governor Pritzker for recognizing the importance of continued partnership between the US and Japan and is honored to be a voice of clean energy on this trade trip. Nexamp is fortunate to have cultivated a strong partnership with Mitsubishi to accelerate the transition to a sustainable energy future, and we look forward to deepening these collaborations for the benefit of both nations and the world.”
“United applauds Governor Pritzker’s trade mission to Japan. As Illinois’ hometown carrier, we are proud of our more than 40-year legacy of service to Japan. Today, we offer more seats to Japan from across the country than any other carrier, facilitating trade, economic development and tourism between our two great nations,” said Brett Hart, President of United Airlines.
Photo caption: Speaker Welch, Majority Leader Gabel, Tyler Welch and Bob Doeppel recently had dinner with the Consul General of Japan to prepare for the upcoming trip.
WASHINGTON – A new coalition of employee ownership advocates, including more than 50 major foundations, financial institutions, advisory firms, law firms, and advocacy groups, has launched Expanding ESOPs to dramatically increase the use of employee stock ownership plans (ESOPs).
ESOPs are a powerful, but underused, means of providing front-line workers with the benefits of employee stock ownership. Expanding ESOPs seeks to supplement the existing ESOP model and to make ESOPs more accessible to businesses of all sizes and across all industries. This would give workers a chance of owning a slice of every company in America, and could transform the economy by addressing the lack of worker wealth, low employee engagement levels, and widespread financial illiteracy across the country.
“Employee ownership gives workers a stake in their companies and a seat at the table,” said Pete Stavros, the founder of Expanding ESOPs and Ownership Works, an organization whose work to expand workers’ equity in companies across the country was recently featured on 60 Minutes. “Polling clearly shows that Americans across the political spectrum want to see workers participate in company ownership to a far greater extent, and ESOPs represent our best shot of achieving that goal.”
With the passage of the Employee Retirement Income Security Act (ERISA) in 1974, Congress established ESOPs under federal law. While the ESOP model has proven to be an effective and significant wealth creation tool for participating workers, new ESOP formations remain relatively low at around 250 per year. New ESOP formations tend to involve smaller businesses, with only ~4% of new ESOPs having more than 500 employees. New ESOPs also tend to be concentrated in a handful of industries, with 75% falling within the industrial and service sectors.
“ESOPs have been around a long time and they are an incredible wealth creation tool for workers who have been able to participate, but we simply haven’t had enough of them,” said Corey Rosen, who is the founder of the non-profit National Center for Employee Ownership and who has closely followed the coalition’s work. “ESOP participants and their families have 92% greater net household wealth than those without comparable benefits. Company stock is the greatest wealth-building asset ever created, so expanding ESOP participation to a significant portion of the U.S. workforce could ameliorate the destructive trend in the concentration of wealth.”
“In the pursuit of a more inclusive economy that puts workers first, we cannot settle for the status quo,” said Darren Walker, President of the Ford Foundation. “We need to take bold, innovative approaches to champion new models for business that can unlock potential and generate wealth for all. I applaud this effort to expand on ways to bring workers to the table and take a stake in their companies and their futures.”
As part of its launch, Expanding ESOPs unveiled a new website to educate the public and policymakers about ESOPs and highlight how workers and companies alike benefit when workers have an opportunity to own a stake in their companies.
GIVING PARTIAL ESOPs A BOOST
In general, there are two types of ESOPs: one where employees own 100% of the company (“100% ESOPs”) and one where workers own a part of the business — which might range from single-digit ownership to a more substantial minority interest (“Partial ESOPs”). 100% ESOPs can be incredibly effective, but their applicability is naturally limited to situations where owners want to sell 100% of their business, are willing to take on significant incremental debt, are willing to work within regulatory limitations, and are willing to accept only a portion of the purchase price up-front (as the ESOP will need help financing the purchase). While Partial ESOPs have much broader potential applicability, particularly amongst scaled businesses, they have been in decline for a variety of reasons, including statutory and regulatory complexity, limited liquidity at closing for selling shareholders, and long transaction timelines. Additionally, the available corporate tax incentives have declined over time, and today are insufficient to inflect the number of Partial ESOPs in our economy. Expanding ESOPs aims to reverse the decline in Partial ESOPs while maintaining 100% ESOPs in their current form. This will allow the ESOP model to encompass a much broader array of businesses and situations and, in turn, impact many more workers.
“To realize the full potential of employee ownership in America, it makes sense to supplement the existing, well-established 100% ESOP model with a Partial ESOP model that is effective and will be broadly adopted,” said Joseph Blasi, J. Robert Beyster Distinguished Professor and Director of the Institute for the Study of Employee Ownership and Profit Sharing at the School of Management and Labor Relations at Rutgers University. “Our research demonstrates the importance of achieving this goal – worker ownership of a portion of a company can lead to significant wealth creation and, when scaled across the economy, could fundamentally shift how the rewards of capitalism are shared.”
INCREASE IN WEALTH, DECREASE IN TURNOVER
According to the Institute, employees in the 6,247 corporations with ESOPs have total wealth of $2.09 trillion, or an overall average of ~$165,000 per employee. This wealth generation has proven consistent even for Partial ESOPs owning small percentages of large businesses.
The benefits of ESOPs also extend to the companies themselves, with the average annual rate of voluntary employee turnover decreasing by ~85% when broad-based employee ownership is combined with a supportive and empowering culture.
“ESOP ownership can be a significant win for all stakeholders of a company, including both employees and business owners,” said Kim Blaugher, the Executive Director of The Beyster Institute at UC San Diego’s Rady School of Management. “However, the overall benefit to our society and economy has been limited by current ESOP structures’ narrow applicability to a small portion of corporate America. By broadening the scope of where ESOPs can be used, we have an opportunity to generate a meaningful impact to workers and companies alike.”
CORE PRINCIPLES OF AN ESOP EXPANSION
To expand the use of ESOPs and ensure more workers can participate, the coalition introduced a set of core principles, which would be reflected in any potential plan to expand the number of Partial ESOPs:
● Align tax incentives as to be suitable for partial ESOPs,
● Offer safe-harbor guidelines in situations where there’s a market-based valuation-check to ensure that workers in new ESOPs are treated fairly and to avoid undue litigation risk,
● Give disproportionate ESOP benefits to front-line workers (as opposed to highly-compensated executives),
● Protect the spirit of the ESOP by assuring workers receive meaningful value in situations where companies utilize tax incentives,
● Provide the ESOP at no cost to the employees, and ensure that the ESOP is not the sole retirement plan for workers,
● Allow workers to access a portion of their ESOP value before retirement without penalty, and
● Maintain the current structure and benefits that have been highly effective for existing ESOPs (particularly 100% ESOPs)
“Greater levels of employee ownership, particularly through the ESOP model, combined with building an ownership culture, have the potential to create tremendous opportunities and benefits for working class Americans through significant wealth creation, improved engagement and voice in the decisions of their working lives, and better alignment between employees and shareholders,” said Wilma Liebman, former three term member of the National Labor Relations Board and chair under President Obama.
OVERWHELMING BIPARTISAN SUPPORT FOR EMPLOYEE OWNERSHIP
The coalition also revealed polling data that shows that once voters are informed about broad-based employee ownership, the concept is met with overwhelming support across the political spectrum:
● 96 percent support with base Democratic voters,
● 84 percent support with base Republican voters, and
● 86 percent support with Independents
“There aren’t many policies Democrats, Republicans and Independents agree on, but generating wealth for workers and helping companies succeed hits a sweet spot that brings everyone together,” said Daniel Massey, who was brought on to lead campaign strategy and communications for Expanding ESOPs, and who, for more than a decade, has helped the Fight for $15 campaign put more than $150 billion in the pockets of America’s workers. “The potential to expand employee ownership in a scaled way is a rare opportunity to create meaningful change in an increasingly divisive environment.”
Over their approximately 50-year history, ESOPs have created meaningful wealth for front-line workers and improved the performance of companies. To live up to their full potential, we need to supplement existing ESOP models to better address a more diverse and scaled set of businesses. Expanding ESOPs members have dedicated their careers to spreading the ESOP model across the country, and believe that by expanding the applicability of ESOPs, we can truly create a more vibrant and inclusive American economy.
ABOUT EXPANDING ESOPS
Expanding ESOPs is a coalition that sees ESOPs as a powerful yet underused tool to create meaningful wealth building opportunities for workers, while also extending significant benefits to companies. ESOPs are a positive force in our economy, but various constraints are preventing
them from achieving their full potential. Expanding ESOPs is endeavoring to remove these constraints by educating the public and researching potential public policy solutions, which together can open a path to a more vibrant American economy.
The Expanding ESOPs coalition includes without limitation: Apis & Heritage Capital Partners, ArentFox Schiff, Argent Trust, The Aspen Institute, BDO, Berman Hopkins, The Beyster Institute at UC San Diego’s Rady School of Management, Blank Rome, BlueRidge ESOP Associates, BMO, The Bipartisan Policy Center, Bryan Cave Leighton Paisner, Certified EO, Chartwell Financial Advisory, Deloitte, Devine Millimet, Empire Valuation Consultants, The Employee Ownership Expansion Network, ESOP Law Group, EY, Faegre Drinker, Ford Foundation, GreatBanc Trust Company, Holland & Hart, Holland & Knight, Kirkland & Ellis, Katten Muchin Rosenman, Kreig DeVault, Kroll, Loop Capital, McDermott Will & Emery, N&G Legal, PNC, Polsinelli, Principal, Project Equity, Prudent Fiduciary Services, RBC, Ropes & Gray, RSM, Stout, Summit Fiduciaries, TI Trust, UBS, Vedder Price, Ventura Trust, Verit Advisors, and Wells Fargo.
Chicago, September 19, 2024 — Loop Capital Markets is pleased to announce the addition of Jaimie Scranton, Doug Adams, and Christopher Dinno to the Firm’s Public Finance Division.
Jaimie Scranton, a veteran in the public finance sector with over 20 years of experience, will be based out of Loop’s Boston office and will serve as Managing Director and Head of Loop’s Surface Transportation Area. Before joining the Firm, she was a senior banker at Barclays and has also held positions at Jefferies, JP Morgan, and UBS.
Doug Adams will open Loop’s newest office in Philadelphia and joins the Firm as a vice president, supporting transportation and higher education bankers. He comes from Echo Financial Advisory and has worked as a banker with PNC and Citi, bringing over 7 years of industry experience.
Christopher Dinno will join Loop’s New York office as an associate. He was most recently with Ramirez and Company and will serve as a Generalist.
“The additions to our growing Public Finance team are very exciting,” said Jim Reynolds, Chairman and CEO of Loop. “We’re continuing to grow our business in this dynamic landscape. We see tremendous growth opportunities as we continue to serve our clients on both the issuance and investor sides.”
Bo Daniels, Loop’s Head of Public Finance, adds, “We continue to look to add talented bankers who can help us serve our clients. We’re focused on providing value-added ideas for our clients. These three bankers are in addition to the four we added earlier this year. We are looking to grow nationally, emphasizing Texas and the Northeast. This new group of bankers further underscores that strategy, especially in the Northeast. The market is strong right now, and we expect that to continue into next year.”
Loop is currently ranked 15th in senior manager rankings of negotiated transactions, with approximately $4.7 billion completed to date.
About Loop Capital Markets
Loop Capital is a full-service investment bank, brokerage and advisory firm that provides creative capital solutions for corporate, governmental and institutional entities across the globe. Loop Capital’s reputation for integrity and service – coupled with the firm’s track record of success – has allowed the firm to serve an expanding number of clients from coast-to-coast and globally. The firm continues to grow because clients continue to ask them to do more for them. The firm’s uncompromising commitment to excellence means that clients get superior, focused service across the entire platform.
Media Contact: Celeste Wright-Harris | celeste.wright-harris@loopcapital.com
