October 22, 2013, Reston, VA. Outcome Capital announced today that it acted as placement agent on a series of private placements totaling approximately $80 million of fixed rate debt for Enterprise Community Investment, Inc. (Enterprise). The private placements were funded by insurance companies and institutional money managers in several installments. Corporate Credit, Inc. (“CCI”) acted as interim lender to Enterprise. This completes a series of debt raises for Enterprise valued at over $250 million.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $13.9 billion in equity, grants and loans to help build or preserve 300,000 affordable rental and for-sale homes to create vital communities. Enterprise provides capital through the federal Low-Income Housing Tax Credit program, which was enacted under the Tax Reform Act in 1986 and has since grown to become the largest provider of affordable housing in the U.S. Enterprise also actively provides financing through the New Markets Tax Credit program and generates grants to community organizations. Visit www.EnterpriseCommunity.com to learn more about Enterprise’s efforts to build communities and opportunity.
CCI was the first investor note lender in the affordable housing area, completing its first transaction in 1991. CCI has structured and lent over $7 billion in the affordable housing area. CCI’s innovative structures have allowed for medium term debt (11-16 year term) on terms and conditions that have been accepted by every major borrower in this market. In this transaction CCI was both an advisor to Enterprise and the interim lender to the transaction.
Outcome Capital placed the debt for Enterprise in the private placement market. The private placement market provided over $960 billion of financing to issuers around the world in 2012, a record year. Most of the placement activity is for “investment grade” debt, or debt that would be considered to have a rating of “BBB-“ or better from one of the major rating agencies. The market is best used for issuers that would like to access fixed rate debt with medium to long maturities. However, a variety of placements are completed every year for other types of credits or structures.
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