By Rebecca Melvin
Princeton, N.J., July 29 - CharterMac said it completed an offering of $108 million of perpetual preferred convertibles at par of $50 with a dividend of 4.40%.
Meridian Investments Inc. was the placement agent for the deal, which was offered to 17 financial institutions.
Holders can convert the cumulative perpetual convertible Community Reinvestment Act preferred shares, series A, in three years, and a call is also allowed at that time.
Proceeds from the offering will be used primarily to acquire additional federally tax-exempt revenue bonds secured by mortgage loans on multifamily housing properties, as well as for general business purposes.
New York-based CharterMac provides financial services to the multifamily housing industry and developers, and offers investment products for institutional and retail investors.
| Issuer: | CharterMac
|
| Amount: | $108 million
|
| Issue: | Perpetual preferred convertibles
|
| Placement agent: | Meridian Investments Inc.
|
| Maturity date: | Perpetual
|
| Dividend: | 4.40%
|
| Issue price: | Par, $50
|
| Yield: | 4.40%
|
| Conversion ratio: | 1.807664
|
| Call: | Non-callable for three years
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
