Maryland Stadium Authority

The Authority is an instrumentality of the State of Maryland created in 1986 to finance and direct the acquisition and construction of professional sports facilities in the State.  Since then, the Authority’s responsibilities have been extended to include the Hippodrome Performing Arts Center, convention centers in Baltimore City and Ocean City, the Montgomery County Conference Center, and the Baltimore City Public Schools Construction and Revitalization Program.

$55,000,000
Maryland Stadium Authority

$20,595
Sports Facilities Lease Revenue Bonds
Football Stadium Issue, Series 2019A

$34,405,000
Sports Facilities Taxable Lease Revenue Bonds
Warehouse Issue, Series 2019B

Wye River Group Served as the Maryland Stadium Authority’s Independent Financial Advisor for this Transaction.

Project Overview

Wye River Group served as the Authority’s independent financial advisor in connection with the financing of certain renovations and other improvements to (1) M&T Bank Football Stadium (2) the B&O Warehouse, parking lots and pedestrian walkways, all of which are located at Camden Yards sports complex in the City of Baltimore.

Financing Overview

The Authority’s bonds were issued in two series: (1) the Series 2019A Bonds were structured as tax-exempt lease revenue bonds maturing in 2020 through 2026, and (2) the Series 2019B Bonds were structured as taxable lease revenue bonds maturing in 2027 through 2039.  Both series of bonds received ratings of Aa2/AA+/AA+ and their repayment is subject to annual appropriation by the State.  The Bonds, which were sold via negotiated public offering, were well-received by investors with initial orders exceeding bonds by an average of more than 6x. The Bonds were repriced and ultimately purchased at very aggressive interest rates. The TIC on the Series 2019A Bonds was 1.79% and the Series 2019B Bonds was 3.55%. The financing closed in May 2019.

Let’s start a conversation

CONNECT WITH US