Rare Zoo Bond Joins Muni Bond Sales Surge to Fund Expansion.

The Riverbanks Zoo and Garden in Columbia, South Carolina, has raised $40 million through the sale of rare zoo bonds to finance various enhancements, including a gondola, hillside primate forest, and observation deck. The zoo, which attracts over 1 million visitors annually, plans to sell an additional $40 million of debt in the next few years to fund its capital plan. The new features aim to increase visitor spending and generate revenue through in-park shows and behind-the-scenes tours. While the bond offering was well-received, rising construction costs have necessitated additional fundraising to complete the projects, which are estimated to cost around $100 million. The bonds are rated Aa2 by Moody's Ratings, citing the region's large and diverse tax base and the zoo's sound financial management. [Extracted from the article]