Stevenson University

Maryland Health and Higher Educational Facilities Authority
Revenue Bonds
Stevenson University Issue
Series 2021A and 2021B

Wye River Group served as Stevenson University’s Independent Financial Advisor for this transaction.


Founded in 1947, Stevenson is a private, four-year university located on three campuses in Baltimore County Maryland. The University enrolls approximately 2,600 students in undergraduate programs and approximately 975 online adult master’s and bachelor’s students. Stevenson is the third largest private undergraduate institution in Maryland.


Proceeds of the University’s Series 2021 Bonds were used to refund certain outstanding bank-based financing, fund costs associated with the termination of two interest rate swaps and fund the construction of a new library and other capital improvements. The financing was designed to eliminate the interest rate and credit renewal risk of the Stevenson’s bank debt while providing a very favorable borrowing cost and annual debt service profile for the next 35 years.


Stevenson’s bonds were structured as a hybrid bank and capital markets-based transaction. A medium term and fully-amortizing taxable bank loan (Series 2021B) was “wrapped” by long term tax-exempt bonds (Series 2021A) to provide the University with an aggregate level debt service solution through June 2055. The Series 2021A Bonds were rated BBB- from S&P Global and were sold through a negotiated public offering lead by Raymond James. Bank of America and Morgan Stanley were co-managing underwriters in the transaction. The Series 2021A Bonds were well-received by prospective investors with the University receiving nearly $3 billion of orders from 60 separate accounts. Stevenson’s financing closed successfully ahead of schedule on January 28, 2021.