Seattle’s $45.3 Million in Bonds to Refinance Museum Debt

Seattle plans to sell $45.3 million in revenue bonds to refinance existing debt on the Seattle Art Museum.

The special obligation issue will be backed by the rent on museum-owned office space now leased to Nordstrom Inc., and guaranteed by the city’s full faith and credit.

The bonds will be sold as soon as April 14, according to data compiled by Bloomberg. The securities are rated Aa1, second highest, by Moody’s Investors Service.

The bonds would refund all of the outstanding debt from a 2005 issue used to help finance the expansion of the downtown Seattle museum.

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