City of Winston-Salem 2022 LOB

Wye River Group served as the City of Winston-Salem’s independent financial advisor for this transaction.

$55,930,000
City of Winston-Salem (North Carolina)
Limited Obligation Bonds
Limited Obligation Refunding Bonds
Series 2022 A&B

Introduction

The City of Winston-Salem is the fourth largest city in the State of North Carolina. Its financial strength, strong governance and administration, and diverse economy provide for the basis for the City’s AAA general obligation ratings by S&P, Moody’s and Fitch.

Project Overview

Wye River Group has served as financial advisor to the City in connection with the planning and implementation of all of its tax-exempt financings since 2014. To date, we have assisted the City in completing 17 transactions including public offerings and direct purchase transactions of both tax-exempt and taxable obligations totaling nearly $1 billion.

Financing Overview

The City’s latest financing was structured as Aaa/AA+ rated, fixed rate bonds issued in two separate series and sold via negotiated public offering. The Series 2022A Bonds, which are tax-exempt, will finance various City projects including improvements to Bowman Gray Stadium, replacement of the Belview Recreation Center, development of Long Creek Park, as well as improvements to Liberty Plaza and Kaleideum children’s museum and various pedestrian safety projects.

The Series 2022B Bonds are taxable refunding bonds, the proceeds from which will refinance certain outstanding maturities of the City’s Series 2013 and 2014 Bonds. The refunding of the outstanding bonds resulted in net present value savings to the City of $2.3 million, or 6.2% of the refunded bond principal.

The true interest cost of the Bonds was 2.21% and the final maturity is June 1, 2042. The financing closed on February 9, 2022.

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