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Chicago Art Institute Borrows $100 Million for Pensions

The Art Institute of Chicago, the home of paintings by Henri Matisse and Pablo Picasso, is selling about $100 million of taxable and tax-exempt bonds partly to shore up unfunded pension obligations.

The institute, founded in 1879, features 300,000 works in its permanent collection. It plans to issue about $61 million of tax-exempt debt as soon as this week through the Illinois Finance Authority and $40 million of taxable bonds itself, according to offering documents. The securities mature from 2013 to 2040. The sales will be led by Morgan Stanley.