Have Interest Rate Swaps Trapped Chicago Arts Institutions?

Lyric Opera entered into a swap agreement in 2006 to cover $40 million in bonds. The fixed rate that Lyric's paying is 3.8 percent, while the variable rate it's getting in return is now 1.58 percent. Over the 12 years that the swap has existed, Lyric's paid about $16.8 million for it. During that same period, […]

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