Orchard Cultural Education Facilities Finance, Texas, to sell $60.44 million Kimbell Art bonds

By Sheri Kasprzak

New York, July 1 - The Orchard Cultural Education Facilities Finance Corp. of Texas is expected to sell $60.44 million in series 2010 revenue bonds for the Kimbell Art Foundation, according to a preliminary official statement.

The bonds (/AA-/AA) will be sold on a negotiated basis with J.P. Morgan Securities Inc. as the senior manager. The co-manager is BOSC Inc.

The offering includes $12.67 million in series 2010A bonds and $47.77 million in series 2010B taxable bonds.

The 2010A bonds are due 2015 to 2039, and the 2010B bonds are due 2015 to 2034.

Proceeds will be used to acquire, equip and construct an expansion for the Kimbell Art Museum, as well as required additional parking facilities.

The corporation is based in Fort Worth and provides loans to institutions that foster cultural or educational development, including visual arts, performing arts, literary arts, cultural heritage projects, natural history, history and science. Based in Fort Worth, the foundation operates the Kimbell Art Museum.

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