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Motion Picture Academy Issues $98.8 Million Offering to Refinance Debt

Michael Buckner/Variety

The Academy of Motion Picture Arts and Sciences has issued $98.Eight million in new debt so as to present it with the funds to refinance $128 million in current bonds that may come due in November.

The Academy issued a brand new bond providing on June 17, the aim of which was the refinance its Series 2015B bonds. The new bonds mature on Nov. 1, 2029.

The bonds have been issued in order that AMPAS can refinance instantly upon closing and keep away from pointless curiosity charges. The Series 2015B bonds have been refinanced instantly upon closure of the brand new providing.

The Academy introduced in February that it will launch a $100 million bond providing to cowl price overruns at its Academy Museum of Motion Pictures on Wilshire Boulevard in Los Angeles. The museum is projected to price $482 million, 24% above the value tag that was introduced in 2015. The facility is positioned at Wilshire Boulevard and Fairfax Avenue, the place the previous May Co. division retailer was positioned.

On June 15, the Academy and the ABC Television Network introduced the 93rd Oscars ceremony had been moved again two months to April 25 on account of the COVID-19 pandemic. At that time, the Academy additionally moved again the opening of the museum from Dec. 14 to April 30, additionally on account of the well being disaster.

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