The Real Deal New York

Met sells $100M bond to renovate theaters

December 14, 2012 08:30AM

The Metropolitan Opera sold $100 million worth of taxable bonds yesterday, in the theater’s debut on the capital markets, the Wall Street Journal reported. The funds will be used to refinance a $33 million bank loan and $30 million line of credit with Bank of America and to make $63 million worth of capital improvements to its buildings. 

Specifically, the theater at the Lincoln Center for the Performing Arts, near Columbus Circle, will see $62.7 million in improvements — $17.6 million of which was received as gifts and pledges and another $12 million in informal pledges — according to bond-offering documents cited by the Journal.

The Met is planning to refurbish the opera’s facade, replace the roof and expand the bathrooms, along with other small improvements. [WSJ]Christopher Cameron