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The tax-exempt, 30-year offering was priced to yield 4.09
percent and was well oversubscribed, according to Phil Smith,
head of Wells Fargo government and institutional banking.
"A who's who of all the institutional money managers for wealthy
Californians showed up on this deal," he said.
The offering included a $122 million floating-rate component
with a coupon that will be reset periodically through the next
five years to attract investors concerned about interest rates
moving higher more quickly.
Another group of investors who believe long term interest rates
will stay low for a long time were attracted to the 30-year
fixed rate debt, Smith said.
The project is large relative to the annual revenues and size of
the academy, Smith said.
The museum, designed by Pritzker Prize-winning architect Renzo
Piano, will include a 1,000-seat screening theater under a
rooftop sphere with a view of the Hollywood hills. The academy
is best known as the presenter of Hollywood's annual Academy
Awards ceremony.
(Reporting by Dan Freed in New York; Editing by Dan Wilchins and
Cynthia Osterman)
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