Greystone Housing Impact Investors LP Issues 1,000,000 Series A-1 Preferred Units
05 Junho 2023 - 5:15PM
Greystone Housing Impact Investors LP (NYSE: GHI) (“the
Partnership”) announced today that on June 2, 2023 the Partnership
executed a Subscription Agreement to issue 1,000,000 Series A-1
Preferred Units representing limited partnership interests in the
Partnership (the “Series A-1 Preferred Units”) to a financial
institution, resulting in $10,000,000 in new aggregate proceeds to
the Partnership. The stated value of the newly issued Series A-1
Preferred Units is $10,000,000. The Series A-1 Preferred Units were
issued in accordance with the Partnership’s existing “shelf”
registration statement on Form S-3 (Reg. No. 333-259203) for the
issuance of up to 3,500,000 of Series A-1 Preferred Units.
The Series A-1 Preferred Units are a
non-cumulative, non-convertible, and non-voting class of limited
partnership interests in the Partnership for which the holder has
an option to have the units redeemed on the sixth anniversary of
the acquisition date and each subsequent anniversary thereafter.
The transaction provides the Partnership with $10.0 million of new
low-cost capital. The earliest potential redemption date for the
newly issued Series A-1 Preferred Units is June 2029, with certain
exceptions.
“We are encouraged by the additional investment
in our Series A-1 Preferred Units, which provides non-dilutive,
fixed-rate and low cost institutional capital to execute on our
strategy for the benefit of our unitholders,” said Kenneth C.
Rogozinski, Chief Executive Officer of the Partnership. “We are
pleased that another one of our original Series A Preferred Unit
investors increased their commitment to the Partnership through the
purchase of new Series A-1 Preferred Units. This transaction also
underscores the Partnership’s ability to bolster its liquidity
position in a cost-effective fashion despite a rising interest rate
environment.”
About Greystone Housing Impact Investors
LP
Greystone Housing Impact Investors LP was formed
in 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, seniors and student housing 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 its
Second Amended and Restated Limited Partnership Agreement, dated
December 5, 2022, taking advantage of attractive financing
structures available in the securities market, and entering into
interest rate risk management instruments. Greystone Housing Impact
Investors LP press releases are available at
www.ghiinvestors.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,
mortgage revenue 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
but not limited to, its Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are
urged to consider these factors carefully in evaluating the
forward-looking statements. 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:
Andy GrierSenior Vice
President402-952-1235
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