NORTHBROOK, Ill., Nov. 19, 2020 – Today, The Allstate Corporation (NYSE: ALL) priced $1.2 billion of 5-year and 10-year senior notes through a syndicate exclusively comprised of minority-, women- and veteran-owned business enterprises (MWVBEs). This is the first time a corporate bond offering of this size has been managed exclusively by MWVBEs.
“It is time to take a stand to create more equity in the securities markets,” said Tom Wilson, Allstate’s Chair, President and CEO. “Diverse firms have the capabilities to increase their market share as evidenced by the results of this transaction. Allstate is committed to doing even more, including doubling our trading volume with diverse firms in 2021. Sustainability will require the commitment of other corporate bond issuers, investment managers and leading investment banks, many of whom have extensive programs that are being expanded. Equity is good for all of us!” concluded Wilson.
The $1.2 billion offering of 5- and 10-year senior notes will fund a portion of Allstate’s $4 billion National General acquisition, expected to close in early 2021. Loop Capital Markets, Academy Securities, Ramirez & Co. Inc. and Siebert Williams Shank were joint bookrunning managers of the offering. AmeriVet Securities, Cabrera Capital Markets LLC, C.L. King & Associates, Penserra Securities LLC and R. Seelaus & Co., LLC were co-managers of the offering. This is the largest transaction the firms have actively led.
“We are delighted that our long-standing relationship with Allstate enabled us to source capital for them and live into our mantra of putting clients first,” said Jim Reynolds, Chairman and CEO of Loop Capital, which he founded in 1997.
“This successful transaction highlights that issuers can benefit by leveraging the talent in MWVBEs while creating more equity in the financial markets,” said Mario Rizzo, Allstate’s Chief Financial Officer.
Allstate is one of the largest providers of protection to consumers in the U.S., protecting their cars, homes, phones, personal property, lives and identities with 172.8 million policies in force and $39.5 billion of premiums over the last 12 months. Allstate’s Sustainability Report provides more information on inclusive diversity, community engagement and other environmental, social and governance practices.
Allstate has filed a registration statement (including a prospectus and related prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the related prospectus supplement and other documents Allstate has filed with the SEC for more complete information about Allstate and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you may obtain a copy of the prospectus and related prospectus supplement by contacting Allstate Investor Relations at (800) 416-8803 or INVREL@allstate.com.
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Chicago, IL – November 2, 2020 – Loop Capital Markets, LLC (“Loop Capital”) today announced the completion of its mandate as a joint bookrunner on Verizon Communications Inc.’s (“Verizon”) $1.2 billion asset-backed securities (“ABS”) issuance through Verizon Owner Trust 2020-C. The deal is a landmark one for Loop Capital, as it represents the first time the African-American-owned firm has served as lead underwriter on an ABS transaction.
Verizon Owner Trust 2020-C issued $1.2 billion in bonds across three classes. The transaction, Verizon’s third ABS issuance in 2020, allows the telecommunications company to continue to drive growth in its business by providing financing to customers for device purchases. Also serving as joint bookrunners on the transaction were BofA Securities Inc. (structuring agent), Mizuho Securities USA LLC and Wells Fargo Securities, LLC.
“Loop Capital Markets is thrilled to expand our long-term relationship with Verizon to include this important and meaningful role on their ABS program. I appreciate Verizon’s commitment to putting their words about business diversity into action. They continue to be a pacesetter among large corporations,” said Jim Reynolds, Chairman and CEO, Loop Capital.
Working with Verizon on this ABS transaction allowed us to leverage the strength of the firm’s fixed income investor relationships,” said Sidney Dillard, Partner and Head of Corporate Investment Banking at Loop Capital. “As well, as a joint bookrunner, we were able to extend our deal leadership capabilities to include structured products.”
In September 2020, Loop Capital also served as a joint book-running manager on Verizon’s $1 billion Green Bond issuance. The deal demonstrated Verizon’s commitment to promoting racial equity in the capital markets, as well as to green finance and taking responsibility for protecting the environment.
“Loop Capital played an integral role on Verizon Owner Trust 2020-C, which achieved the tightest credit spread and lowest all-in yield in the history of Verizon’s ABS program. This transaction demonstrated that, when given the opportunity, diversity firms can execute very well in the capital markets,” said Chan Sin, Vice President and Assistant Treasurer, Verizon.
“While Verizon has had a long history of partnering with diversity firms on capital market transactions, today marks an important first for Verizon, Loop, and the ABS market as Loop was a lead underwriter on our very successful $1.2 billion transaction,” stated Scott Krohn, Senior Vice President and Treasurer, Verizon. Verizon is very committed to promoting racial equity across all platforms, including in the capital markets. We hope that other issuers will follow our lead on this transaction, as well as on our recent Green Bond transaction, by taking action to address structural inequity and economic disparity faced by African-American and other minority- and women-owned businesses.”
Media Contact:
Jorian Seay
media@loopcapital.com
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 them to serve an expanding number of clients from coast to coast and globally. The firm continues to grow because their 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.
Disclaimer
Loop Capital® is a registered trademark of Loop Capital Holdings, LLC. Securities and investment banking services are offered through Loop Capital Markets LLC. Loop Capital Markets LLC is a registered broker-dealer and a member of the Financial Industry Regulatory Authority (FINRA), the Municipal Securities Rulemaking Board (MSRB) and the Securities Investor Protection Corporation (SIPC).
Loop Capital prepared this document for informational purposes only. This document and the information herein (collectively “Information”) is not a research report and it should not be construed as such. The Information has been gathered from sources believed to be reliable, but is not guaranteed and is not a complete summary of all available data. Any historical price(s) or value(s) are also only as of the date indicated and from any source that may be noted. Loop Capital is under no obligation to update opinions or other information. Any opinions expressed by Loop Capital represent our present opinions as of the date of this Information and are subject to change without further notice. The Information, including proposed terms and conditions, are indicative and for discussion purposes only. Finalized terms and conditions of any transaction or engagement are subject to further discussion and negotiation and will be evidenced by a formal agreement.
Loop Capital Markets recently expanded its relationship with the Federal Reserve Bank of New York as a transactional counterparty for two 13(3) facilities, including the Secondary Market Corporate Credit Facility (SMCCF) and the Commercial Paper Funding Facility (CPFF).
In addition, Loop Capital Markets has also been approved as a counterparty for agency commercial mortgage backed securities (Agency CMBS) transactions with the New York Federal Reserve Bank.
Detailed press releases with additional information can be found at the following links to the website of the New York Federal Reserve Bank:
Commercial Paper Funding Facility (CPFF)
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Chicago, IL, August 9, 2019 – Loop Capital Markets, LLC (“Loop Capital”) served as a joint bookrunner on AMTD International’s (“AMTD” or the “Company”) (NYSE: HKIB) successful initial public offering (IPO) of 20,759,700 American Depositary Shares (“ADSs”) which priced on August 2, 2019 at $8.38 and began trading on the New York Stock Exchange (NYSE) on August 5, 2019. The underwriters exercised their over-allotment option to purchase an additional 3,113,955 ADSs from the issuer on August 9, 2019. With the exercise of the over-allotment option, total gross proceeds for AMTD’s IPO were $200,000,000. Along with Loop Capital, AMTD Global Markets served as a joint bookrunner on the transaction, with MasterLink Securities (Hong Kong) Corporation Limited, Tiger Brokers (NZ) Limited, ViewTrade Securities, Inc. and Boustead Securities, LLC as additional underwriters. AMTD International, a subsidiary of AMTD Group, is a premier Hong Kong-headquartered financial institution, Asia’s No.1 independent investment banking firm and the largest independent asset management firm in Asia, serving both PRC regional banks and new economy companies.
Media Inquiries:
Nancy Ziagos
Email: Nancy.Ziagos@LoopCapital.com
Phone: 312.913.4916
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 them to serve an expanding number of clients from coast to coast and globally. The firm continues to grow because their 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.
Disclaimer
Loop Capital® is a registered trademark of Loop Capital Holdings, LLC. Securities and investment banking services are offered through Loop Capital Markets LLC. Loop Capital Markets LLC is a registered broker-dealer and a member of the Financial Industry Regulatory Authority (FINRA), the Municipal Securities Rulemaking Board (MSRB) and the Securities Investor Protection Corporation (SIPC).
Loop Capital prepared this document for informational purposes only. This document and the information herein (collectively “Information”) is not a research report and it should not be construed as such. The Information has been gathered from sources believed to be reliable, but is not guaranteed and is not a complete summary of all available data. Any historical price(s) or value(s) are also only as of the date indicated and from any source that may be noted. Loop Capital is under no obligation to update opinions or other information. Any opinions expressed by Loop Capital represent our present opinions as of the date of this Information and are subject to change without further notice. The Information, including proposed terms and conditions, are indicative and for discussion purposes only. Finalized terms and conditions of any transaction or engagement are subject to further discussion and negotiation and will be evidenced by a formal agreement.
