The Metropolitan Opera successfully sold $100 million worth of taxable bonds on Thursday, according to The Wall Street Journal, and plans to use about two-thirds of the proceeds to pay off a bank loan and to pay down a line of credit. The rest of the money will go toward operating expenses and renovations, said Peter Gelb, the Met's general manager.
The Met has said it is embarking on replacement of key technical systems, including those of its flies, stage elevators, lighting and air circulation. The renovations, which are estimated to cost $60 million over the next five to seven years, are also being paid for by donations. Mr. Gelb said the Met decided to issue the bonds â€" its first such action â€" because of low interest ra tes, at the suggestion of a board member. “It's a window of opportunity,†he said.
The Met's budget runs at $329 million a year, almost half of that coming from donations. Some 2.5 million people around the world watch its high-definition movie theater broadcasts, about four times its seasonal live attendance.
