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October 09, 2015

$341-Million Bond Sale Backs Motion Picture Academy Museum

The Academy of Motion Picture Arts and Sciences has sold a $341-million bond offering to support construction of its planned museum of cinema in Los Angeles, Reuters and The Hollywood Reporter write.

The nonprofit, which presents the Academy Awards, is also in the middle of a $388-million capital campaign for the project, which won final approval from the Los Angeles City Council in June. Phil Smith, head of institutional banking for Wells Fargo, which managed the offering, said orders for the "Oscar bonds" far outstripped availability, allowing for a repricing that will reduce the academy's borrowing costs.

The museum's opening, initially scheduled for mid-2017, has been pushed back to the spring of 2018, according to The Hollywood Reporter. Academy officials said permits for the projects were delayed by talks with Fix the City, a community group that threatened to sue over signage, traffic, and noise issues. The two sides reached a settlement last month.