MSA – Ocean City Convention Center

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.

$20,915,000
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.

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 the Ocean City Convention Center.

Financing Overview

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.

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