In Friday’s (4/5) Tennessean (Nashville), Walter F. Roche, Jr. reports, “The $82.3 million in outstanding bonds used to build the Nashville Symphony Orches¬tra’s concert hall have been repurchased by the trustee for the bondholders while negotiations continue between the orchestra and Bank of America over a restructuring agreement. According to the former bond owners, the bonds were repurchased this week after the orchestra announced it would not renew the letter of credit that backed the original $102 million 2004 bond issue for Schermerhorn Symphony Center. The credit agreement was due to expire April 30, but symphony officials moved ahead of the deadline, announcing late last month that they would not attempt to renew the agreement for another year. … Talks are continuing between the orchestra and Bank of America. … Symphony officials say they have sufficient cash to maintain ongoing operations, including the new season, but that a restructuring is necessary for the long term. They trace the current financial woes to the 2010 flood that caused extensive damage to the facility.”
Posted April 5, 2013
