BALTIMORE, Dec. 20, 2019 /PRNewswire/ -- MMA Capital
Holdings, Inc. (Nasdaq: MMAC) ("MMA Capital" or the
"Company") today announced a series of transactions entered
into with affiliates of Hunt Investment Management, LLC
(collectively, "Hunt"), its external manager, including the
partial prepayment and amendment of financing which the Company
provided to Hunt on January 8, 2018,
in connection with the sale of various businesses and assets (the
"MTA Note"). Specifically, Hunt made a $13.4 million unscheduled prepayment of principal
on the MTA Note and, in connection with this prepayment, the MTA
Note was amended so that it will fully amortize in 20 equal
quarterly payments of $2.68 million
beginning on March 31, 2020.
The amended MTA Note requires full repayment prior to the
expiration of its original seven year term upon the closing of the
previously announced sale of Hunt Real Estate Capital, LLC
("HREC") by Hunt if it occurs. Further, the Company
and Hunt agreed: (i) for Hunt to acquire a promissory note
receivable with an unpaid principal balance of $1.05 million; (ii) for Hunt to acquire
limited partnership interests in three low-income housing tax
credit funds; (iii) to an amendment to the Master Transaction
Agreement with Hunt dated January 8,
2018 (the "MTA"), to terminate any rights the Company
has to any contingent purchase price payments under the MTA and
(iv) to terminate the true-up payment adjustment associated with
the Company's acquisition of Hunt's ownership interest in a solar
development loan (collectively, the "Additional
Transactions"). The Company received $3.1 million of cash payments in connection with
the Additional Transactions and anticipates recognizing a
$1.9 million gain in the fourth
quarter. For additional information in connection with these
transactions, please refer to the Current Report on Form 8-K the
Company filed earlier today with the Securities and Exchange
Commission ("SEC").
Michael Falcone, MMA Capital's
Chief Executive Officer stated, "In our ongoing efforts to improve
returns for shareholders we are pleased to announce Hunt's
voluntary partial prepayment of the MTA Note and its
amendment. The partial prepayment of the MTA Note will both
help increase returns on our invested assets and position us to
have a more precise picture of our capital requirements in 2020 as
we seek to further grow our investments in the renewable energy
lending marketplace. In addition, the consummation of the
Additional Transactions will both further our investment in core
activities and simplify our financial reporting."
About MMAC
MMA Capital invests in debt associated with renewable energy
infrastructure and real estate. MMA Capital is externally managed
and advised by Hunt Investment Management, LLC, an affiliate of
Hunt Companies, Inc. For additional information about MMA Capital
Holdings, Inc. (Nasdaq: MMAC), please visit MMA Capital's website
at www.mmacapitalholdings.com. For additional
information about Hunt Investment Management, LLC, please see its
Form ADV and brochure (Part 2A of Form ADV) available at
https://www.adviserinfo.sec.gov.
Cautionary Statement Regarding
Forward-Looking Statements
This Release contains forward-looking statements intended to
qualify for the safe harbor contained in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements regarding the Credit Agreement and
other statements identified by words such as "may," "will,"
"should," "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," "seek," "would," "could," and similar words or
expressions and are made in connection with discussions of future
events and operating or financial performance.
Forward-looking statements reflect our management's
expectations at the date of this Release regarding future
conditions, events or results. They are not guarantees of future
performance. By their nature, forward-looking statements are
subject to risks and uncertainties. Our actual results and
financial condition may differ materially from what is anticipated
in the forward-looking statements. There are many factors that
could cause actual conditions, events or results to differ from
those anticipated by the forward-looking statements contained in
this Release. For a discussion of certain of those risks and
uncertainties and the factors that could cause our actual results
to differ materially because of those risks and uncertainties, see
Part I, Item 1A, Risk Factors of our Annual Report on Form 10-K for
the year ended December 31, 2018
("2018 Annual Report"), filed with the United States Securities and
Exchange Commission to which reference is hereby made. All
forward-looking statements made herein are expressly qualified in
their entirety by these cautionary statements and there can be no
assurance that the actual results, events or developments
referenced herein will occur or be realized. Readers are cautioned
not to place undue reliance on forward-looking statements in this
Release or that we may make from time to time. We expressly
disclaim any obligation to revise or update any forward-looking
statements in this Release, whether as a result of new information,
future events or otherwise.
www.mmacapitalholdings.com
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SOURCE MMA Capital Holdings, Inc.