America First Multifamily Investors, L.P. Extends Maturity of $50 Million Unsecured Line of Credit Commitment With Lead Parti...
July 31 2019 - 4:15PM
On July 26, 2019, America First Multifamily Investors, L.P.
(NASDAQ: ATAX) (the “Partnership”) entered into a Sixth Amendment
to Credit Agreement (the “Sixth Amendment”) with Bankers Trust
Company (“Bankers Trust”) which modifies certain provisions of the
Credit Agreement entered into between the Partnership and Bankers
Trust on May 14, 2015, as amended by the First Amendment to Credit
Agreement dated January 7, 2016, the Second Amendment to Credit
Agreement dated February 10, 2016, the Third Amendment to Credit
Agreement dated November 10, 2016, the Fourth Amendment to Credit
Agreement dated May 22, 2017, and the Fifth Amendment to Credit
Agreement dated July 19, 2018. The Sixth Amendment extends
the maturity date of the Partnership’s $50 million unsecured,
non-operating line of credit (“Non-operating LOC”) to June 30,
2021. The Partnership also entered into an updated Revolving Line
of Credit Note that includes new terms regarding potential
replacement of the LIBOR rate-based component of the interest rate.
“The extension of the maturity date of the
Partnership’s $50 million Non-operating LOC continues to
demonstrate Bankers Trust’s confidence in the Partnership’s
performance,” said Chad Daffer, Chief Executive Officer of America
First Multifamily Investors, L.P. “Our focus has been on
executing on the strategic initiatives of the Partnership and to
renew and extend our debt maturities.”
Additionally, in separate agreements, Bankers
Trust has extended the maturity date of the Partnership’s $10.0
million unsecured, operating line of credit (“Operating LOC”) to
June 30, 2021.
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.
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, 2018. 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 AllenChief Financial Officer(800)
283-2357
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