City of Winston-Salem 2020 LOB

City of Winston-Salem (North Carolina)
Limited Obligation Bonds, Series 2020A
Taxable Limited Obligation Bonds, Series 2020B

Wye River Group Served as Independent Financial Advisor to the City of Winston-Salem for this Transaction which closed on January 29, 2020.

Project Overview

Wye River Group has served as financial advisor to the City in connection with all of its financings, planning and debt implementation needs since 2014. To date, we have assisted the City in implementing 12 transactions including public offerings and direct purchase transactions of both tax-exempt and taxable obligations totaling more than $692 million.

Financing Overview

The City’s Limited Obligation Bonds provided for the current refunding of the 2011 Installment Financing Contract as well as the following outstanding bonds: Series 2004C, Series 2006B, Series 2009, Series 2011A, Series 2013A&B and Series 2014.  The bonds were structured as AAA/Aaa/AAA rated, tax-exempt and taxable municipal bonds sold via negotiated, public offering on January 9, 2020. Through a competitive solicitation process conducted by our firm, the City selected R.W. Baird to serve as the senior managing underwriter for the bonds, which are amortized over 19 years.  The interest rates on the bonds are fixed for the term of the financing and resulted in a combined True Interest Cost of 2.73%. The financing closed on January 29, 2020.