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December 12, 2012

With Revenue Down, Met Opera Preps $100-Million Bond Sale

New York's Metropolitan Opera, which saw its operating losses increase for the third straight year, is preparing the first bond sale in its 129-year history, reports Bloomberg.

The Met will use nearly two-thirds of the $100-million sale to repay loans from Bank of America, with most of the remainder supplying "operating capital," said Eric Wild of Morgan Stanley, which is managing the bond sale.

The organization reported operating losses of $135-million last season, a 7-percent increase from the previous year, but said it broke even for 2011-12 through gifts, bequests, and other income from donors.