Project Overview
Wye River Group served as financial advisor to MICA with respect to the 2016 issuance of approximately $38 million and 2017 issuance of $17.6 million tax-exempt revenue bonds by the Maryland Health and Higher Educational Facilities Authority to refinance its outstanding Series 2006 and Series 2007 Bonds.
Financing Overview
The Series 2016 Bonds were issued for the purpose of advance refunding the Series 2006 Bonds and that portion of the Series 2007 Bonds eligible for advance refunding. The Series 2017 Bonds were sold at the same time as the Series 2016 Bonds however with a “forward delivery” scheduled for March 2017 to provide for a current refunding of those Series 2007 Bonds that were not eligible to be advance refunded. Both the Series 2016 Bonds and the Series 2017 Bonds received credit ratings of “BBB+” from Fitch and “Baa1” from Moody’s.
