Greystone Housing exchanges 1.75M Series A for Series B Preferred Units, extends capital to Jan 2030

Greystone Housing Impact Investors LP

Issued 1,750,000 Series B Preferred Units ($17.5M stated value) in exchange for same number of Series A at 5.75% fixed distribution.
No net proceeds or cash consideration; partner retained $17.5M of original proceeds from Series A issued in 2016/2017.
Earliest potential redemption for Series B is January 2030; non-cumulative, non-convertible, non-voting.
CEO stated exchange provides non-dilutive, fixed-rate, low-cost institutional capital benefiting unitholders.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Greystone Housing Impact Investors LP entered into Exchange Agreement with Mechanics Bank valued at Exchange of 1,750,000 Series B Preferred Units for 1,750,000 Series A Preferred Units | no net proce (effective 2024-01-19).

Action: entry
Counterparty: Mechanics Bank
Value: Exchange of 1,750,000 Series B Preferred Units for 1,750,000 Series A Preferred Units | no net proce
Effective: 2024-01-19

Exact text from the filing

Item 1.01 Entry into a Material Definitive Agreement. On January 19, 2024, Greystone Housing Impact Investors LP (the “Partnership”) issued, under its existing “shelf” registration statement on Form S-4 (Reg. No. 333-275170), 1,750,000 Series B Preferred Units representing limited partnership interests in the Partnership (the “Series B Preferred Units”) to Mechanics Bank (the “Investor”) in exchange for 1,750,000 outstanding Series A Preferred Units representing limited partnership interests in the Partnership (the “Series A Preferred Units”) held of record by the Investor.

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Greystone Housing Impact Investors LP filing history →

Source: SEC EDGAR

accession 0000950170-24-006086

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