Wells Fargo Brings $341 Million in ‘Oscar® Bonds’ to Market for New Academy Museum of Motion Pictures
October 08 2015 - 1:10PM
Business Wire
Academy is building the world’s leading movie
museum in the heart of Los Angeles
Wells Fargo Securities served as sole manager for $341 million
in tax-exempt revenue bonds that will fund construction of a Los
Angeles museum for the Academy of Motion Picture Arts and Sciences,
presenter of the Academy Awards®, among the world’s
most-watched TV events. Institutional sales began Wednesday, and
the bond series oversubscribed quickly.
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The Academy Museum of Motion Pictures is
being built in the heart of Los Angeles. (Photo: Business Wire)
The state-of-the-art Los Angeles museum will feature six stories
of immersive galleries, an education studio, two theaters, special
events spaces, a public piazza, conservation areas, a café, and a
museum store. The 310,000-square-foot facility ― slated for
completion in 2018 ― will feature a vast permanent collection of
film-related material acquired by the Academy since the 1920s.
Located adjacent the Los Angeles County Museum of Art, the
Academy’s $388-million museum will create 500 construction jobs and
140 full-time jobs.
“Wells Fargo is honored to bring the Academy’s largest bond
offering to the market. The offering was extremely well-received by
investors,” said Phil Smith, head of Wells Fargo Government and
Institutional Banking. “Investor demand was high for this offering,
and we are pleased to have helped our client reduce their borrowing
costs.”
“We are very pleased with how successful the bond offering has
been,” said Andy Horn, the Academy’s chief financial officer. “This
is an important milestone for the museum project, and we continue
to build momentum as we begin construction.”
The 30-year, Aa2 fixed-rate bonds will finance an innovative
museum, designed by Pritzker Prize-winning architect Renzo Piano,
which will strengthen Los Angeles’ primary cultural hub. Included
in the facility is a 1,000-seat screening theater under a rooftop
sphere with a view of the Hollywood hills.
Representing the Academy in negotiations was Horn. Rick
Chisholm, managing director for Wells Fargo Securities, and Doug
Brown, director for Wells Fargo Securities, represented Wells Fargo
Securities as underwriter. The Los Angeles law firm Irell &
Manella LLP served as corporate counsel for the Academy.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide,
diversified, community-based financial services company with $1.7
trillion in assets. Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance, investments,
mortgage, and consumer and commercial finance through 8,700
locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. Wells Fargo perspectives are
also available at Wells Fargo Blogs and Wells Fargo Stories.
About Government & Institutional Banking
Wells Fargo Government & Institutional Banking (GIB) is a
specialized business supporting more than 4,000 government,
education, nonprofit, and healthcare clients across the United
States. Unique in the industry, GIB has organized specialized
commercial banking and capital markets teams under one business,
offering an integrated approach to provide the most value for its
clients. GIB's Education and Nonprofit Banking group works with
education providers in public and private schools, colleges, and
universities and with charitable institutions, social service
organizations, cultural institutions, professional associations,
labor unions, and other nonprofit organizations.
About Wells Fargo Securities
Wells Fargo Securities delivers a comprehensive set of capital
markets products and services, including public debt and equity
origination and distribution, investment research, interest rate,
commodity and equity risk hedging, mergers and acquisitions advice,
prime services, structured lending facilities and municipal bond
origination. The institutional capital markets business is
comprised of more than 4,000 team members in 40+ offices across the
U.S., Europe and Asia. Wells Fargo Securities is the trade name for
certain securities-related capital markets and investment banking
services of Wells Fargo & Company and its subsidiaries,
including Wells Fargo Bank, N.A.
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version on businesswire.com: http://www.businesswire.com/news/home/20151008006238/en/
MediaWells Fargo & CompanyGabriel Boehmer,
503-886-4186Gabriel.h.boehmer@wellsfargo.com@GabeBoehmerWF
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