is once again tidying up its finances with a bond offering.
This time around, the Academy has posted notice on the Electronic Municipal Market Access website of 18 separate issues with total face value of about $127 million, one issue maturing each year from 2024 to 2041. The issues are called “revenue refunding bonds,” a device typically used to replace existing debt rather than create added indebtedness.
Disclosure documents for the offering weren’t posted as of Friday morning, and precisely which existing bonds might be replaced wasn’t clear. An Academy spokesperson had no immediate comment. But a person familiar with the offering said it was successfully made on Thursday with an overall yield of 3.77 percent, saving the Academy about $1 million a year when compared to the bonds being replaced.