Maryland Stadium Authority
Lease Revenue Bonds
(Ocean City Convention Facility Expansion Issue), Series 2019C
Wye River Group Served as the Maryland Stadium Authority’s Independent Financial Advisor for this Transaction.
Wye River Group served as the Authority’s independent financial advisor in connection with the financing of certain renovations and other improvements to the Ocean City Convention Center.
The Authority’s bonds were structured as tax-exempt lease revenue bonds maturing in 2022 through 2039. The 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 demand exceeding bonds by up to 5.5x per maturity. The Bonds were repriced and ultimately purchased at very aggressive interest rates. The TIC on the Series 2019C Bonds was 2.56% and the financing closed on November 13, 2019.