All three major bond-rating firms have now downgraded the Colorado Public Radio bonds that provided $4.7 million for the network’s 2001 expansion. The reason: CPR’s 2008 decision to take on the costs of an additional FM channel …
The bond market is offering new capital financing options for public broadcasting this week with the expected sale of $6.5 million in tax-exempt bonds for Colorado Public Radio’s expansion. [After this article was published, the entire lot of bonds sold in one day at 5.8 percent.]
Other pubcasters will follow. Nashville Public Radio plans to sell about $3 million in bonds in March to cover purchase of a second station in town. And the new nonprofit Maryland Public Radio aims to finance the $5 million purchase of Baltimore’s WJHU. Pubcasters have 10 to 15 borrowings under review at George K. Baum & Co., the investment bank working closely with Public Radio Capital, a nonprofit that is shepherding potential borrowers into the bond market.
Thanks to financing from the new Public Radio Capital (PRC) fund, Colorado Public Radio just realized a long-standing goal—buying Denver AM station KVOD, which it plans to program with wall-to-wall classical music.