• Loop Capital Markets Serves as Joint Bookrunner for Verizon ABS Deal in Landmark...

    November 06, 2020
    Loop Capital Markets Serves as Joint Bookrunner for Verizon ABS Deal in Landmark for the African-American-Owned Firm

    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
    Jorian.seay@gmail.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.
  • Upcoming Events Upcoming Events