It’s back to the world of high finance for the Academy of Motion Picture Arts and Sciences and its yet-to-open movie museum: On Monday, a spokesperson for the Academy Museum confirmed that another bond offering is in the making.
“The Academy made a financial decision, based on the current low interest rates, to take advantage of an opportunity in this economic environment and raise additional funds,” an Academy Museum spokesperson said by email, in response to a query.
Details are sketchy. But some Academy insiders have put the contemplated offering in the $100 million range. In 2015, the group sold $341 million in bonds in an offering overseen by Wells Fargo Securities. But that money has largely been spent in building the mid-Wilshire Blvd. museum, and an approximately $132 million principle repayment comes due in 2021; so it appears that plans to open for business in the next year will require fresh cash.
A $100 million offering would point toward a project cost of about $450 million, unless some of the new money is used to retire old debt.
The museum spokesman said that Academy chief financial officer Andy Horn is helping to organize the new offering. Timing is unclear. But the next meeting of the Academy’s Board of Governors is set for Jan. 7, the spokesperson said.