Maryland Department of Transportation

The Maryland Department of Transportation was established as a principal department of the State government in 1971.  The Department has the responsibility for most State-owned transportation facilities and programs, including the planning, financing, construction, operation and maintenance of various modes of transportation and carrying out various related licensing and administrative functions.

Maryland Department of Transportation
Certificates of Participation
BWI Airport Shuttle Bus Fleet Acquisition, Series 2019
Wye River Group Served as MDOT’s Independent Financial Advisor for this Transaction.

Project Overview

Wye River Group served as MDOT’s independent financial advisor in connection with the acquisition of 25 forty-foot and 15 sixty-foot clean diesel buses for parking shuttle services between the main terminal and various parking sites at BWI Thurgood Marshall Airport.

Financing Overview

MDOT’s financing was structured as tax-exempt, conventional fixed rate certificates of participation with a 15-year final maturity. They were rated AA+/Aa1/AA+ by S&P, Moody’s and Fitch and were sold competitively through a public offering in the municipal bond market.  MDOT received a total of 10 bids for the COPs and awarded the financing to PNC Capital Markets at a TIC bid of 2.643%. The financing closed successfully in March 2019.

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