The Art Institute of Chicago is selling about $100 million of taxable and tax-exempt bonds to meet pension obligations, refinancing its debt and re-examining its capital structure. The Museum, under Morgan Stanley, will issue about $61 million of tax-exempt debt as $40 million of taxable bonds, which will mature from 2013 to 2040. The funds will be used “without limitation” to finance “accelerating funding to the Institute’s unfunded pension-benefit obligations”, said the museum.
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