Public Media Company is rolling out a Public Media Bond Program for public media organizations to leverage their assets for capital projects.
The new national bond program provides public broadcasting entities access to taxable and tax-exempt bonds to finance their capital improvement projects through the Colorado Educational and Cultural Facilities Authority (CECFA).
Public Media Company pioneered the use of tax-exempt bond financings for public media organizations in 2001 through CECFA when the first investment grade bonds were issued for Colorado Public Radio and Nashville Public Radio. CECFA has issued nearly $8 billion in tax-exempt bonds for charities across the country, including public broadcasting television and radio stations.
“Over the years, tax-exempt bonds have been an integral tool that has enabled Colorado Public Radio’s state-wide expansion,” said COO Jenny Gentry. “Taking on debt can seem like an onerous obligation, but we have found tax-exempt bonds are a fantastic way to leverage our ability to make strategic opportunities become a reality.”
Working alongside Public Media Company and CECFA will be Denver-based North Slope Capital Advisorsx, who will serve as the Municipal Advisor for the program. North Slope will identify the best lenders for station projects and Public Media Company will facilitate the financings on behalf of the stations.
“Public Media Company is excited to establish the Public Media Bond Program through CECFA to help public broadcasters access capital in a streamlined fashion,” said Erin Moran, President of Public Media Company and not related to the Happy Days actress. “Addressing system-wide needs for public broadcasters is core to our mission. Our deep experience and knowledge of station finances and operations makes us the perfect lead for the public media bond program.”
Evran Kavlak, Director at Public Media Company who managed more than $8M in lending through PMC’s Public Radio Fund, will oversee the Public Media Bond Program.