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Strong investor demand for $135 million Class A certificate
Dallas, February 26, 2024–(BUSINESS WIRE)–Preston Hollow Community Capital (“Preston Hollow” or “PHCC”), a provider of specialized impact finance solutions for projects of social and economic importance to local communities, will April 14th and February Prices Announced On 23rd, 2024, $202.5 million of Tax Exempt Pooled Securities (“TEPS”) closed.TM“) Financing through the Fiscal Authority (“PFA”). The loan consists of $135 million of Class A securities rated Aa2 (sf) by Moody’s Investors Service and $67.5 million of unrated Class B securities. .
The certificates are secured by a collateral pool of tax-exempt bonds, the majority of which are issued directly by PHCC.TepsTM This provides PHCC with an attractive cost of capital, a more standardized funding structure, and reliable access to long-term funding through tax-free capital markets.
The Class A certificates were highly subscribed with orders from nearly 20 different investors. PHCC purchased a $67.5 million Class B certificate.
“This is our second TEPS,” said Jim Thompson, Chairman and CEO of Preston Hollow.TM Following the success of our first issue in 2023, we are pleased with our successful trading and strong market recognition. You can see TEPSTM It is a promising source of future funding and we plan to become a regular issuer. ”
JP Morgan and Hilltop Securities acted as underwriters for the bonds. Kutak Rock LLP and Squire Patton Boggs (US) LLP served as legal counsel and disclosure advisor to the sponsor, respectively, and Orrick and Ballard Spahr LLP served as advisor to the underwriters.
About Preston Hollow Community Capital
Preston Hollow Community Capital is a market leader in providing impact finance solutions focused on projects of social and economic importance to communities in the United States. We invest in bespoke local finance transactions with a diversified investment portfolio. Since PHCC’s founding, he has invested more than $5.1 billion in various sectors of the municipal bond market, including real estate, K-12 and higher education, health care, infrastructure, hospitality, general government, and economic development. .
Since its inception, Preston Hollow has raised $1.6 billion in committed permanent equity capital from major sponsors including Stone Point Capital, HarbourVest Partners and TIAA. We have long-term BBB (stable) and short-term K2 (stable) ratings from Kroll Bond Rating Agency.
For more information, please visit www.phccap.com.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240226044288/ja/
contact address
max pickle
Preston Hollow Community Capital
214.389.0813
mpickle@phccap.com
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