Secondary offering of 6,000,000 shares - look out below (at least for awhile)
Company: America First Multifamily Investors, L.P. (NASDAQ:ATAX)
Date announced: 11/25/2013
Shares Offered: 6,000,000
Secondary Offering Details: America First Multifamily Investors, L.P. (Nasdaq:ATAX) (the "Company") today announced that it has commenced an underwritten public offering of 6,000,000 shares representing assigned limited partnership interests of the Company. Deutsche Bank Securities Inc. will be the lead book-running manager for the offering and Oppenheimer & Co. will be the co-book-running manager. BB&T Capital Markets, a division of BB&T Securities, LLC, will be the lead manager for the offering, and Aegis Capital Corp. and National Securities Corporation will be the co-managers.
America First Multifamily Investors is engaged in acquiring, holding, selling and otherwise dealing with a portfolio of federally tax-exempt mortgage revenue bonds which have been issued to provide construction and/or permanent financing of multifamily residential apartments. At Dec 31 2012, Co. owned 22 federally tax-exempt mortgage revenue bonds, which were issued by various state and local housing authorities in order to provide construction and/or permanent financing of 20 multifamily residential apartments containing a total of 3,880 rental units located in the states of Florida, Illinois, Iowa, Kansas, Kentucky, Minnesota, North Carolina, Ohio, South Carolina, Tennessee, and Texas.
Agree, the opportunity is there. Mgmt seems solid and they know what they are doing. Plus distributions are tax free. I do think they could have gotten $6.50 at least, but $6.25 is still above my basis, and it will grow when new investments are released, imo.