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Wells Fargo Brings $341 Million in ‘Oscar® Bonds’ to Market for New Academy Museum of Motion Pictures


Academy is building the world’s leading movie museum in the heart of Los Angeles

Wells Fargo Securities served as sole manager for $341 million in tax-exempt revenue bonds that will fund construction of a Los Angeles museum for the Academy of Motion Picture Arts and Sciences, presenter of the Academy Awards®, among the world’s most-watched TV events. Institutional sales began Wednesday, and the bond series oversubscribed quickly.

The state-of-the-art Los Angeles museum will feature six stories of immersive galleries, an education studio, two theaters, special events spaces, a public piazza, conservation areas, a café, and a museum store. The 310,000-square-foot facility ― slated for completion in 2018 ― will feature a vast permanent collection of film-related material acquired by the Academy since the 1920s. Located adjacent the Los Angeles County Museum of Art, the Academy’s $388-million museum will create 500 construction jobs and 140 full-time jobs.

“Wells Fargo is honored to bring the Academy’s largest bond offering to the market. The offering was extremely well-received by investors,” said Phil Smith, head of Wells Fargo Government and Institutional Banking. “Investor demand was high for this offering, and we are pleased to have helped our client reduce their borrowing costs.”

“We are very pleased with how successful the bond offering has been,” said Andy Horn, the Academy’s chief financial officer. “This is an important milestone for the museum project, and we continue to build momentum as we begin construction.”

The 30-year, Aa2 fixed-rate bonds will finance an innovative museum, designed by Pritzker Prize-winning architect Renzo Piano, which will strengthen Los Angeles’ primary cultural hub. Included in the facility is a 1,000-seat screening theater under a rooftop sphere with a view of the Hollywood hills.

Representing the Academy in negotiations was Horn. Rick Chisholm, managing director for Wells Fargo Securities, and Doug Brown, director for Wells Fargo Securities, represented Wells Fargo Securities as underwriter. The Los Angeles law firm Irell & Manella LLP served as corporate counsel for the Academy.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet ( and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

About Government & Institutional Banking

Wells Fargo Government & Institutional Banking (GIB) is a specialized business supporting more than 4,000 government, education, nonprofit, and healthcare clients across the United States. Unique in the industry, GIB has organized specialized commercial banking and capital markets teams under one business, offering an integrated approach to provide the most value for its clients. GIB's Education and Nonprofit Banking group works with education providers in public and private schools, colleges, and universities and with charitable institutions, social service organizations, cultural institutions, professional associations, labor unions, and other nonprofit organizations.

About Wells Fargo Securities

Wells Fargo Securities delivers a comprehensive set of capital markets products and services, including public debt and equity origination and distribution, investment research, interest rate, commodity and equity risk hedging, mergers and acquisitions advice, prime services, structured lending facilities and municipal bond origination. The institutional capital markets business is comprised of more than 4,000 team members in 40+ offices across the U.S., Europe and Asia. Wells Fargo Securities is the trade name for certain securities-related capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Bank, N.A.

Wells Fargo & Company
Gabriel Boehmer, 503-886-4186

Multimedia Files:

The Academy Museum of Motion Pictures is being built in the heart of Los Angeles. (Photo: Business Wire) 4000 x 2480 jpg 6.29 MB
Phil Smith, head of Wells Fargo Government & Institutional Banking (Photo: Business Wire) 600 x 825 jpg 124 KB
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