Greystone Housing Impact Investors LP (GHI): debt financing — Greystone Housing Impact Investors LP issues $102.7M secured notes to refinance prior debt

Greystone Housing Impact Investors LP

Issued $102.7M Taxable Secured Notes 2022 Series A; proceeds redeemed $102.7M of 2020 Series A notes.
Notes bear variable rate at USD-SOFR + 9.25%; TRS with Mizuho reduces net cost to USD-SOFR + 4.00% (4.25% floor).
Notes mature September 1, 2025, secured by Freddie Mac TEBS Class B Certificates.
GHI guarantees Issuer's obligations via a limited guaranty; funds used to repay prior notes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Greystone Housing Impact Investors LP entered an off-balance-sheet arrangement for debt of $102.7 million with Mizuho Capital Markets LLC at USD-SOFR plus 4.00%, with an all-in interest rate floor of 4.25%.

Principal: $102.7 million
Counterparty: Mizuho Capital Markets LLC
Rate: USD-SOFR plus 4.00%, with an all-in interest rate floor of 4.25%
Event: off balance sheet

Exact text from the filing

The TRS transaction has an initial notional amount of $102.7 million and reduces the Partnership’s net interest cost to a rate equal to USD-SOFR plus 4.00%, with an all-in interest rate floor of 4.25%.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Greystone Housing Impact Investors LP incurred senior notes of $102.7 million with U.S. Bank Trust Company, National Association (as trustee) at USD-SOFR plus 9.25% maturing September 1, 2025.

Instrument: senior notes
Principal: $102.7 million
Counterparty: U.S. Bank Trust Company, National Association (as trustee)
Rate: USD-SOFR plus 9.25%
Maturity: September 1, 2025
Event: incurrence

Exact text from the filing

On December 14, 2022, Greystone Housing Impact Investors LP (formerly America First Multifamily Investors, L.P., the “Partnership”), and its affiliate, ATAX TEBS Holdings, LLC (the “Issuer”), entered into a number of agreements pursuant to which the Issuer issued $102.7 million aggregate principal amount of Taxable Secured Notes 2022 Series A (“Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Greystone Housing Impact Investors LP entered into Supplemental Agreement with FMSbonds, Inc., Mizuho Capital Markets LLC, and U.S. Bank Trust Company, National Association valued at $102.7 million (effective 2022-12-14).

Action: entry
Agreement: underwriting
Counterparty: FMSbonds, Inc., Mizuho Capital Markets LLC, and U.S. Bank Trust Company, National Association
Value: $102.7 million
Effective: 2022-12-14

Exact text from the filing

and a Supplemental Agreement dated as of December 14, 2022 (the “Supplemental Agreement”) by and between the Issuer, FMSbonds, Inc., as underwriter (“FMS”), Mizuho Capital Markets LLC, as noteholder representative (“Mizuho”), and the Trustee.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Greystone Housing Impact Investors LP entered into Indenture with U.S. Bank Trust Company, National Association valued at $102.7 million (effective 2022-12-14).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $102.7 million
Effective: 2022-12-14

Exact text from the filing

The Notes were issued under an Indenture of Trust dated as of December 14, 2022 (the “Indenture”) by and between the Issuer and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”), and a Supplemental Agreement dated as of December 14, 2022 (the “Supplemental Agreement”) by and between the Issuer, FMSbonds, Inc., as underwriter (“FMS”), Mizuho Capital Markets LLC, as noteholder representative (“Mizuho”), and the Trustee.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Greystone Housing Impact Investors LP entered into Guaranty with U.S. Bank Trust Company, National Association (effective 2022-12-14).

Action: entry
Counterparty: U.S. Bank Trust Company, National Association
Effective: 2022-12-14

Exact text from the filing

The Partnership entered into a Limited Guaranty, Pledge of Sole Membership Interests and Security Agreement with the Trustee dated as of December 14, 2022 (the “Guaranty”) which sets forth the terms by which the Partnership, as the sole member of the Issuer, has guaranteed the payment and performance of the responsibilities of the Issuer under the Notes and related documents.

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222 debt financings filed in the last 30 days. Browse all debt financings →

Greystone Housing Impact Investors LP filing history →

Source: SEC EDGAR

accession 0000950170-22-026673

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