Trust for Cultural Resources, N.Y., plans to sell $110 million Carnegie Hall revenue bonds

By Sheri Kasprzak

New York, Nov. 18 - The Trust for Cultural Resources of the City of New York plans to price $110 million in series 2009A revenue bonds for Carnegie Hall, according to a preliminary official statement.

The bonds (A1/A+/) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager. The co-managers are Morgan Stanley & Co. Inc. and Merrill Lynch & Co.

The bonds are due 2029 and 2039.

Proceeds will be used to construct, renovate and upgrade two studio towers at Carnegie Hall, including a new education wing with music rooms, communication technologies and educational support spaces. The improvements also include a new rooftop terrace and improvements to the backstage area.

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