Notre Dame of Maryland University

Wye River Group proudly served as Notre Dame of Maryland University’s independent financial advisor for this transaction.

$24,535,000
Maryland Health and Higher Educational Facilities Authority
Revenue Bond and Taxable Term Loan
Notre Dame of Maryland University Issue
(2021)

INTRODUCTION

Established in 1895, Notre Dame of Maryland University (NDMU) is a private, Catholic university located in Baltimore Maryland. NDMU is home to Maryland’s only women’s college and is a comprehensive university offering a wide variety of full and part-time undergraduate, graduate, doctoral, and certificate programs. The University enrolls approximately 2,200 students.

PROJECT OVERVIEW

Refinancing of the University’s outstanding Series 2010 and 2012 Bonds.

FINANCING OVERVIEW

The financing was structured as a “direct-purchase” with a single commercial bank. The tax-exempt 2021 Bond was used to currently refund the Series 2010 Bonds and the taxable note was used to defease the Series 2012 Bonds, with the note converting to a lower tax-exempt interest rate in October 2022 when the Series 2012 Bonds become callable. The 2021 Bond was issued through the Maryland Health and Higher Educational Facilities Authority and both tranches of debt were structured with a four year interest only period followed by 25 years of principal amortization. Conventional fixed rates of approximately 2% produced over $6.5 million of net present value savings (representing over 26% of refunded par).

NDMU’s financing closed successfully on September 16, 2021.

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