The World Wildlife Fund on Wednesday will sell $44 million in tax-exempt bonds to raise money to buy its Washington headquarters, Bloomberg News reported Sept. 18.
The nonprofit, which never has sold bonds before, hopes to reduce its annual office costs from its current $4.2 million rent.
The bonds – to be sold by the District of Columbia on the fund’s behalf — will be sold competitively to the underwriting firm making the highest bid through an Internet site run by the fund’s financial adviser, Shattuck Hammond Partners, a division of Pricewaterhousecoopers LLC.
The fund expects to save $100,000 in underwriting fees and as much as $25,000 in annual interest by selling through an Internet auction, Nancy Dunn, the fun’s vice president of finance and administration, told Bloomberg.
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