Irell Reps Academy in $341M Bond Offering to Fund its Museum
Irell & Manella served as corporate counsel for the Academy of Motion Picture Arts and Sciences, presenter of the Academy Awards®, and its related foundations in connection with the issuance of $341 million aggregate principal amount of tax-exempt, fixed and floating rate "Oscar® Bonds" that were brought to market, the proceeds of which will be used in part to fund a portion of the cost of constructing and developing the Academy’s new Academy Museum of Motion Pictures. The Academy Museum, to be located on the corner of Wilshire and Fairfax on the campus of LACMA, is anticipated to be the world's premier institution devoted to exploring the art and science of motion pictures.
Irell attorneys Mitchell Cohen and Ashok Mukhey advised committees of the governing boards of the Academy and its related foundations and assisted them to structure and negotiate the terms of the offering. The Irell legal team worked with Wells Fargo Securities as the underwriter of the securities. The offering is one of the largest tax-exempt bond offerings for a cultural institution in the last decade.