OMAHA, Neb., Nov. 06, 2017 (GLOBE NEWSWIRE) -- On November 6, 2017, America First Multifamily Investors, L.P. (NASDAQ:ATAX) (the “Partnership”) reported the following operating results:
For the quarter ended September 30, 2017
Year to date September 30, 2017
The Partnership reported the following notable transactions during the nine months ended September 30, 2017
In addition, the following milestones were achieved:
On August 7, 2017, the Partnership entered into a Subscription Agreement to issue 2,000,000 Series A Preferred Units representing limited partnership interests in the Partnership resulting in $20 million in aggregate proceeds to the Partnership. The Series A Preferred Units are non-cumulative, non-convertible and non-voting and the Private Placement is directed solely to insured depository institutions chartered under the laws of any state or the District of Columbia, or of the United States.
In September 2017, the Partnership extended the term of its $60.2 million TEBS I debt financing until September 15, 2020. No financing fees were paid related to this extension. In conjunction with the extension of its TEBS I debt financing, the Partnership purchased an interest rate cap with a notional value of $60.2 million and a maturity date of September 15, 2020. The counterparty to the Cap Agreement is Barclays Bank PLC.
In addition, on October 2, 2017, the Partnership entered into a follow-on Subscription Agreement with an existing institutional investor in the Partnership’s Preferred Units, to issue 1,000,000 Series A Preferred Units representing limited partnership interests in the Partnership, resulting in $10 million in aggregate proceeds to the Partnership.
Also, on October 25, 2017, the Partnership entered into a follow-on Subscription Agreement with an existing institutional investor in the Partnership’s Preferred Units, to issue 750,000 Series A Preferred Units representing limited partnership interests in the Partnership, resulting in $7.5 million in aggregate proceeds to the Partnership. Effective subsequent to this transaction, the Partnership has terminated the private offering of the Preferred Units.
“We are encouraged by the additional investments in our Series A Preferred Units,” said Chad Daffer, Chief Executive Officer of America First Multifamily Investors, L.P. “We have been able to raise $94.5 million, from qualified institutional investors, in our Series A Preferred Units to provide us with an additional low-cost source of equity to execute on our strategy to the benefit of our Unitholders.”
Earnings Webcast/ Conference Call
The Partnership will host a webcast/earnings call for investors on Tuesday, November 7, 2017, at 4:30 p.m. Eastern Standard Time, to discuss its Third Quarter 2017 results. Participants can access the Third Quarter 2017 Earnings Presentation in one of two ways:
Following completion of the call, a recorded replay will be available on the Partnership’s Investor Relations website at www.ataxfund.com.
About America First Multifamily Investors, L.P.
America First Multifamily Investors, L.P. was formed on April 2, 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, student housing and commercial properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by the Partnership’s Amended and Restated Limited Partnership Agreement, dated September 15, 2015, taking advantage of financing structures available in the securities market, and entering into interest rate risk management instruments. America First Multifamily Investors, L.P. press releases are available at www.ataxfund.com.
Safe Harbor Statement
Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2016 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2017. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Craig Allen
Chief Financial Officer