St. Mary’s County 2021

St. Mary’s County was established in 1637 and was the first Maryland county. The County is located in the southern part of Maryland and consists of a long, triangular shaped peninsula bordered on the northwest by Charles County, on the northeast and east by the Patuxent River and the Chesapeake Bay, and on the southwest by the Potomac River. The County’s population for the 2020 Census is estimated to exceed 120,000 residents. The County is rated AA+/Aa1/AA+ by S&P, Moody’s and Fitch.

St. Mary’s County, Maryland
General Obligation Bond
Consolidated Public Improvement Bonds, Series 2021

Wye River Group Served as St. Mary’s County’s Independent Financial Advisor for this transaction which closed on May 25, 2021.

Project Overview

Wye River Group was selected by St. Mary’s County, Maryland to serve as its financial advisor after a competitive solicitation process conducted in late 2019. Since our engagement, we have assisted the County with two bond financings, the most recent of which was a general obligation bond issue that financed certain projects identified in the County’s capital improvement plan.

Financing Overview

The County’s financing was structured as a single series of AA+/Aa1/AA+ rated tax-exempt bonds that were sold via competitive, public offering on May 11, 2021. The County received bids from 10 municipal underwriting firms, the lowest of which produced a TIC bid of 1.584%. The bonds were amortized over a 20-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 May 25, 2021.

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