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Article: MMA Financial Holdings, Inc., a MuniMae Subsidiary, Announces a Private Placement of $50 Million of Trust Preferred Securities Due March 2035.
- Article from:
- Business Wire
- Article date:
- March 16, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BALTIMORE -- MFH Financial Trust II, a subsidiary of MMA Financial Holdings, Inc. ("MFH"), completed the sale of $50,000,000 of its 8.05% trust preferred securities to TABERNA Preferred Funding I, Ltd. and Merrill Lynch International (the "Purchasers").
MuniMae's CEO, Michael L. Falcone, commented, "We are very pleased with the execution of this offering of trust preferred securities. The dividend rate is nearly 150 basis points lower than our last trust preferred offering seven months ago. As part of our overall strategy, we are actively seeking new and innovative financing vehicles, like this, to lower our cost of capital and diversify our capital base." He ...