Lincoln Center for the Performing Arts Inc. plans to market $100 million of variable-rate bonds today to help finance an $800 million capital expansion plan. The Trust for Cultural Resources of the City of New York will issue the bonds, which will mature in 2038.
The tax-exempt bonds will be sold in two subseries with 30 year maturities. U.S. Bank will provide a direct-pay letter of credit for a five-year term on Lincoln Center's series 2008B-1 bonds. Morgan Stanley will serve as remarketing agent on those bonds.