The Getty, one of California's prominent art institutions, is set to issue $270 million in tax-exempt bonds this week. This move is intended to refinance existing debt and prolong the suspension of payments on its interest-rate swaps. The J. Paul Getty Trust, which oversees two museum locations in Los Angeles, is returning to the municipal bond market for this issuance.
This latest financial activity follows a significant $500 million debt issuance by the Getty last year. That previous issuance was primarily aimed at financing a major renovation project at its main campus. The current bond offering continues the institution's efforts to manage its financial obligations and operational needs.
In a related development, the Getty Center in Los Angeles is scheduled to close for its first major renovation since opening in 1997. The museum will shut its doors on March 15, 2027, for a year-long upgrade, with a planned reopening in spring 2028, in time for the Los Angeles Summer Olympics. The renovation, which includes revitalized galleries, comes at a significant cost, as the original building itself cost $1.3 billion to construct.
