MSA – Built to Learn

Maryland Stadium Authority
Built to Learn Revenue Bonds
Series 2021

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 inaugural bond issuance under the Built to Learn Act of 2020 (the “Act”).  The Act authorizes $2.2 Billion in principal amount to renovate and replace school buildings across the State of Maryland. The proceeds of the 2021 Bonds will (i) finance the costs of constructing, renovating, rehabilitating, acquiring and equipping certain public school facilities, (ii) pay the accrued interest on the Bonds through June 1, 2022 and (iii) pay certain costs of issuance of the Bonds.

Financing Overview

The Authority’s bonds were structured as tax-exempt revenue bonds maturing in 2051.  The repayment of the principal and interest due on the 2021 Bonds is subject to an annual deposit by the State of a portion of the proceeds from commercial gaming revenues in the Educational Trust Fund (the “ETF”).  The Governor is required to include in the annual State Budget, as supplemental funding, the commercial gaming revenues in the ETF exclusively for public education.  The Bonds, which are rated “A1/AA/A+”, were sold via negotiated public offering by an underwriting syndicate led by Bank of America Securities and were well-received by investors.  The TIC on the 2021 Bonds was 2.83% and the financing closed on November 2, 2021.