Bank Loan Provider for Taxable Revenue Debt (Series 2024)

The Maryland Stadium Authority (MSA) is issuing a Request for Proposals (RFP) to obtain a Bank Loan Provider for the Taxable Revenue Debt (Baseball Stadium (issue) Series 2024). The RFP seeks proposals from qualified financial institutions to provide a bank loan facility to the MSA to fund the issuance of up to $200 million in bonds to finance improvements to Oriole Park at Camden Yards. The bank loan financing must be structured as a tax-exempt, fixed-rate facility, and proposals will be evaluated based on the proposed interest rate, fees, and other financing terms. The contract term is for 5 years with the option to extend for an additional 5-year period, and proposals are due by 2:00 pm on November 12, 2024.

The MSA is seeking Minority Business Enterprise (MBE) participation for at least 27% of the total contract value. The current provider of these services is PNC Bank, and the MSA is looking to potentially transition to a new financial institution through this competitive procurement process. The MSA has not provided a specific award value or budget range, but the total value of the bank loan facility is expected to be up to $200 million.