Ocean City GO 2021

Wye River Group served as The Town of Ocean City’s independent financial advisor for this transaction.

$26,115,000
Mayor and City Council of Ocean City, Maryland
General Obligation Municipal Purpose Bonds of 2021

Introduction

The Town of Ocean City, Maryland, is an Atlantic resort town located in Worcester County, Maryland. The Town is a frequent destination for vacationers in the Mid-Atlantic region of the United States with over 7,000 permanent residents and an estimated 8 million visitors annually. During the summer months, Ocean City becomes the second most populated municipality in Maryland, after Baltimore. Its strong financial profile, budgetary flexibility and strong management and financial policies provide the basis for the Town’s AA/Aa2/AA+ general obligation credit ratings by S&P, Moody’s and Fitch.

Project Overview

Wye River Group was engaged by the Town of Ocean City in 2017 following a Request for Proposals for Financial Advisory Services. Since our engagement, we have assisted the Town with seven separate financing transactions, the most recent of which was the City’s $26.115 million General Obligation Municipal Purpose Bonds of 2021.

Financing Overview

The Town’s financing was structured as a single series of AA/Aa2/AA+ rated tax-exempt bonds that were sold via competitive, public offering on November 17, 2021.  The Town received bids from seven municipal underwriting firms, the lowest of which produced a TIC bid of 1.739%.  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 December 2, 2021.

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