Muni Funding intends to apply IPO proceeds towards bonds, assets

By Jennifer Chiou

New York, May 14 - Muni Funding Co. of America, LLC plans to use the up to $28.75 million of proceeds from its initial public offering of class A stock to acquire tax-exempt mortgage revenue bonds or other obligations and assets derived from those bonds or assets, according to an S-1 filing with the Securities and Exchange Commission.

The class A shares represent limited liability company interests.

The Philadelphia-based specialty finance company said it plans to implement its business strategy by investing in the debt instruments of non-profit and municipal entities primarily through the direct and indirect acquisition of the mortgage revenue bonds or other obligations.

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