City of Salisbury

Incorporated by the State of Maryland in 1854, the City of Salisbury is the largest city in the State’s Eastern Shore region, the commercial hub of the Delmarva Peninsula, and is second only to the City of Baltimore as the most active seaport in Maryland.  Its strong budgetary flexibility, liquidity, management and institutional framework provide the basis for the City’s Aa3/AA general obligation credit ratings by Moody’s and S&P.

City of Salisbury (Maryland)
General Obligation
Public Improvement Bonds of 2019

Wye River Group Served as the City of Salisbury’s Independent Financial Advisor for this Transaction.

Project Overview

Wye River Group was engaged by the City in 2019 following a Request for Proposals for Financial Advisory Services. Immediately following our engagement, we assisted the City with a general obligation bond issuance, the proceeds from which financed certain capital projects of the City.

Financing Overview

The City’s financing was structured as Aa3/AA rated, tax-exempt municipal bonds sold via competitive, public offering on September 24, 2019. The City received bids from 9 municipal underwriting firms, the lowest of which produced a TIC bid of 1.93%. The bonds were amortized over a 15-year period to produce level annual debt service payments.  The interest rates on the bonds are fixed for the term of the financing. The financing closed on October 8, 2019.

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