CharterMac Completes $455 Million Bond Securitization

A subsidiary of New York-based CharterMac has completed a $455 million, fixed-rate bond securitization transaction with a weighted average term of eight years.The transaction was completed through the sale of Class A Medium Term Tax-Exempt Multifamily Housing Trust Certificates, Series 2006A (the "Class A Certificates") to third-party investors. The purpose of the securitization was to reduce the company's floating interest rate exposure with the proceeds being used to retire existing bond securitizations that have floating-rates and shorter terms. As a result, more than 70% of the company's capital structure is fixed-rate, based on amounts outstanding at June 30, 2006, as adjusted to include this transaction, the incremental financing to acquire ARCap and hedges associated with the new debt facility put in place at that time. The company can be found on the Web at http://www.chartermac.com.