This story was initially published at Debtwire.com

The USD 100m debt issuance to fund the Academy of Motion Picture Arts and Sciences museum in Los Angeles leaves some market participants cynical about the project’s essentiality given the use of tax-exempt financing.

The deal is the second debt issuance in five years for a museum devoted to the Oscars award ceremony and Hollywood. The project is set to cost USD 482m and open in December 2020 – more than a year late and USD 100m over budget.