MSA – Built to Learn 2022A

Maryland Stadium Authority
Built to Learn Bonds
Series 2022A


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, the Baltimore City Public Schools Construction and Revitalization Program and the Statewide School Construction Program.

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 2022A 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 2022A Bonds were structured as tax-exempt revenue bonds maturing in 2052.  The repayment of the principal and interest due on the 2022A 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 of Maryland is required to include in the annual State Budget, as supplemental funding, the commercial gaming revenues in the ETF exclusively for public education.  The 2022A Bonds, which are rated “A1/AA/A+”, were sold via negotiated public offering by an underwriting syndicate led by BofA Securities, Inc. and were well-received by investors on the date of sale.  The TIC on the 2022A Bonds was 3.21% and the financing closed on March 10, 2022.