Exhibit
99.1
PRESS
RELEASE FOR
IMMEDIATE RELEASE
DATE:
October 7, 2009
CONTACT: Chad
Daffer or Andy Grier at (800) 283-2357
AMERICA
FIRST TAX EXEMPT INVESTORS, L.P. ANNOUNCES PRICING OF PUBLIC OFFERING OF
SHARES
REPRESENTING ASSIGNED LIMITED
PARTNERSHIP INTERESTS
Omaha, NE — October 7, 2009 — America
First Tax Exempt Investors, L.P. (Nasdaq: ATAX) announced the pricing of an
underwritten public offering of 4,200,000 shares representing assigned limited
partnership interests at $5.05 per share, raising approximately $19,950,000 in
net proceeds for the Company after payment of underwriting discounts and
commissions. The Company has granted the underwriters a 30-day option
to purchase up to 630,000 additional shares at the same price per share in order
to cover over-allotments, if any. The offering was made pursuant to a
shelf registration statement filed with the Securities and Exchange Commission
and is expected to close on October 13, 2009, subject to the satisfaction of
customary closing conditions.
The lead
book-running manager for the offering is Deutsche Bank Securities Inc. and the
co-managers are RBC Capital Markets Corporation and Oppenheimer & Co.
Inc.
The
Company expects to use the net proceeds from the offering to acquire additional
tax-exempt revenue bonds and other investments meeting its investment criteria
and for general working capital needs.
The
offering may be made only by means of a prospectus and a related prospectus
supplement, copies of which may be obtained when available from any of the
following:
Deutsche
Bank Securities Inc.
Atten:
Prospectus Department
100 Plaza
One
Jersey
City, NJ 07311
Telephone:
(800) 503-4611
e-mail at
prospectusrequest@list.db.com
RBC
Capital Markets Corporation
Attn:
Equity Syndicate
Three World
Financial Center
200 Vesey
Street
8th
Floor
New York,
NY 10281
Telephone:
(212) 428-6670, or
Oppenheimer
& Co. Inc.
Attn:
Syndicate Prospectus Department
300
Madison Ave.
5th
Floor
New York,
NY 10017
Telephone:
(212) 667-8563
e-mail at
equityprospectus@opco.com
This
press release does not constitute an offer to sell or the solicitation of an
offer to buy securities nor will there be any sale of the shares in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of such state or
jurisdiction.
About
America First Tax Exempt Investors, L.P.
America
First Tax Exempt Investors, L.P. was formed for the primary purpose of
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. The
Company is pursuing a business strategy of acquiring additional tax-exempt
mortgage revenue bonds on a leveraged basis in order to: (i) increase the amount
of tax-exempt interest available for distribution to its investors; (ii) reduce
risk through asset diversification and interest rate hedging; and (iii) achieve
economies of scale. The Company seeks to achieve its investment
growth strategy by investing in additional tax-exempt mortgage revenue bonds and
related investments, taking advantage of attractive financing structures
available in the tax-exempt securities market and entering into interest rate
risk management instruments.
Safe
Harbor Statement
Information
contained in this press release contains “forward-looking statements,” including
statements related to the offering and the expected use of the net proceeds,
which are based on current expectations, forecasts and assumptions that involve
risks and uncertainties that could cause actual outcomes and results to differ
materially. These risks and uncertainties include, but are not
limited to, risks involving current maturities of our financing arrangements and
our ability to renew or refinance such maturities, fluctuations in short-term
interest rates, collateral valuations, bond investment valuations and the
overall negative economic and credit market conditions. For a further
list and description of such risks, see the reports and other filings made by
the Company with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the year ended December 31, 2008 and its Quarterly
Reports on Form 10-Q for the three months ended March 31, 2009 and June 30,
2009. The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.