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Document Preview Charter Municipal Mortgage Acceptance Company To Acquire PW Funding, Inc. |
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Title: |
Charter Municipal Mortgage Acceptance Company To Acquire PW Funding, Inc. |
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Entities: |
CharterMac; Freddie Mac; PW Funding, Inc.; Federal National Mortgage Association |
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Date: |
2001 |
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Size: |
Preview shows 2KB of 8KB total |
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Price: |
$36 |
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ID: |
#294236 |
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AT CHARTERMAC FINANCIAL RELATIONS BOARD/BSMG WORLDWIDE
Brenda Abuaf Joseph Calabrese - General Info (212) 445-8434
Director of Shareholder Services Maura Gedid - Analyst Info (212) 445-8434
(800) 831-4826
FOR IMMEDIATE RELEASE
CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
TO ACQUIRE PW FUNDING, INC.
NEW YORK, NY- OCTOBER 26, 2001- Charter Municipal Mortgage Acceptance Company
("CharterMac", or "the Company") (AMEX: CHC) one of the nation's leading
investors in tax-exempt multifamily housing bonds, announced today that its
taxable subsidiary, Charter Mac Corporation, has entered into a definitive
agreement to acquire approximately 80% of the issued and outstanding capital
stock of PW Funding, Inc. ("PWF"). PWF is a national mortgage banking firm based
in Mineola, New York that has produced more than $4 billion in multifamily and
commercial loans since 1988.
The announcement was made today by Stuart J. Boesky, President and Chief
Executive Officer of CharterMac, and Raymond J. Reisert, Jr., Chairman and CEO
of PW Funding, following approval by the CharterMac Board of Trustees and the
stockholders of PW Funding.
The agreement provides for a purchase price in the range of $37 million - $47
million (subject to adjustment for new servicing on mortgage loans that are
expected to close before the end of the year). The purchase price reflects a
set-aside for estimated future portfolio loss risk. A portion of the cash
purchase price will be financed through an acquisition facility.
It is anticipated that Charter Mac Corporation will acquire the remaining 20% of
the issued and outstanding capital stock of PWF over the next 24 to 36 months.
Under the agreement, the stockholders of PWF have been granted the right to put
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