Lincoln Center for the Performing Arts Inc. began refinancing its auction-rate debt yesterday with a $151.3 million refunding ahead of plans to sell up to $200 million of new money as soon as next month. The refunding will close today and both offerings are being sold through the Trust for Cultural Resources of the City of New York.

The proceeds of the planned bonds will be used as gap financing as part of a $800 million redevelopment project at the center that will create a pedestrian promenade at West 65th St. and enhance or expand existing facilities.

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