Maryland Stadium Authority
Sports Facilities Lease Revenue Bonds
Football Stadium Issue, Series 2019A
Sports Facilities Taxable Lease Revenue Bonds
Warehouse Issue, Series 2019B
Wye River Group Served as the Maryland Stadium Authority’s Independent Financial Advisor for this Transaction.
Wye River Group served as the Authority’s independent financial advisor in connection with the financing of certain renovations and other improvements to (1) M&T Bank Football Stadium (2) the B&O Warehouse, parking lots and pedestrian walkways, all of which are located at Camden Yards sports complex in the City of Baltimore.
The Authority’s bonds were issued in two series: (1) the Series 2019A Bonds were structured as tax-exempt lease revenue bonds maturing in 2020 through 2026, and (2) the Series 2019B Bonds were structured as taxable lease revenue bonds maturing in 2027 through 2039. Both series of bonds received ratings of Aa2/AA+/AA+ and their repayment is subject to annual appropriation by the State. The Bonds, which were sold via negotiated public offering, were well-received by investors with initial orders exceeding bonds by an average of more than 6x. The Bonds were repriced and ultimately purchased at very aggressive interest rates. The TIC on the Series 2019A Bonds was 1.79% and the Series 2019B Bonds was 3.55%. The financing closed in May 2019.