The Academy of Motion Picture Arts and Sciences has issued $98.8 million in new debt in order to provide it with the funds to refinance $128 million in existing bonds that will come due in November.
The Academy issued a new bond offering on June 17, the purpose of which was the refinance its Series 2015B bonds. The new bonds mature on Nov. 1, 2029.
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The bonds were issued so that AMPAS can refinance immediately upon closing and avoid unnecessary interest fees. The Series 2015B bonds were refinanced immediately upon closure of the new offering.
The Academy announced in February that it would launch a $100 million bond offering to cover cost overruns at its Academy Museum of Motion Pictures on Wilshire Boulevard in Los Angeles. The museum is projected to cost $482 million, 24% above the price tag that was announced in 2015. The facility is located at Wilshire Boulevard and Fairfax Avenue, where the former May Co. department store was located.
On June 15, the Academy and the ABC Television Network announced the 93rd Oscars ceremony had been moved back two months to April 25 as a result of the COVID-19 pandemic. At that point, the Academy also moved back the opening of the museum from Dec. 14 to April 30, also as a result of the health crisis.
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