XML 34 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Secured Line of Credit
3 Months Ended
Mar. 31, 2017
Unsecured Lines of Credit

15. Debt Financing

 

The following represents the Debt Financing, net of deferred financing costs, at March 31, 2017 and December 31, 2016:

 

 

 

Outstanding Debt

Financings on

March 31, 2017, net

 

 

Restricted

Cash

 

 

Years

Acquired

 

Stated Maturities

 

Reset

Frequency

 

SIFMA

Based Rates

 

 

Facility Fees

 

 

Period End

Rates

 

TOB & Term A/B

   Trusts Securitization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed - Term TOB

 

$

46,846,532

 

 

$

-

 

 

2014

 

July 2017 - July 2019

 

N/A

 

N/A

 

 

N/A

 

 

4.01% - 4.39%

 

Fixed - Term A/B

 

 

275,162,869

 

 

 

1,247,698

 

 

2016-2017

 

March 2017 - February 2027

 

N/A

 

N/A

 

 

N/A

 

 

3.64% - 4.46%

 

Variable - TOB

 

 

42,455,000

 

 

 

-

 

 

2012

 

June 2017

 

Weekly

 

1.48 - 1.56%

 

 

 

1.62%

 

 

3.10 - 3.18%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable - TEBS I

 

 

60,404,699

 

 

 

52,065

 

 

2010

 

September 2017 (2)

 

Weekly

 

 

0.97

%

 

 

1.85%

 

 

 

2.82%

 

Variable - TEBS II (1)

 

 

91,226,919

 

 

 

171,322

 

 

2014

 

July 2019

 

Weekly

 

 

0.95

%

 

 

1.67%

 

 

 

2.62%

 

Variable - TEBS III (1)

 

 

82,027,687

 

 

 

3,483,665

 

 

2015

 

July 2020

 

Weekly

 

 

0.95

%

 

 

1.44%

 

 

 

2.39%

 

Total Debt Financings

 

$

598,123,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Facility fees are variable

(2)

ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, may terminate the M24 TEBS Financing at its option on either September 15, 2017 or September 15, 2020. Should the Partnership not elect to terminate the M24 TEBS Financing on these dates, the full term of the M24 TEBS Financing will run through the final principal payment date associated with the securitized bonds, or July 15, 2050.

 

 

 

Outstanding Debt

Financings on

December 31, 2016, net

 

 

Restricted

Cash

 

 

Years

Acquired

 

Stated Maturities

 

Reset

Frequency

 

SIFMA

Based Rates

 

 

Facility Fees

 

 

Period End

Rates

 

TOB & Term A/B

   Trusts Securitization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed - Term TOB

 

$

46,860,699

 

 

$

-

 

 

2014

 

July 2017 - July 2019

 

N/A

 

N/A

 

 

N/A

 

 

4.01% - 4.39%

 

Fixed - Term A/B

 

 

171,778,950

 

 

 

1,373,695

 

 

2016

 

March 2017 - December 2026

 

N/A

 

N/A

 

 

N/A

 

 

3.64% - 4.56%

 

Variable - TOB

 

 

42,455,000

 

 

 

-

 

 

2012

 

Dec 2016

 

Weekly

 

1.29 - 1.39%

 

 

 

1.62%

 

 

2.91 - 3.01%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable - TEBS I

 

 

60,430,991

 

 

 

396,412

 

 

2010

 

September 2017

 

Weekly

 

 

0.77%

 

 

 

1.85%

 

 

 

2.62%

 

Variable - TEBS II (1)

 

 

91,768,081

 

 

 

170,988

 

 

2014

 

July 2019

 

Weekly

 

 

0.75%

 

 

 

1.62%

 

 

 

2.37%

 

Variable - TEBS III (1)

 

 

82,089,312

 

 

 

3,495,592

 

 

2015

 

July 2020

 

Weekly

 

 

0.75%

 

 

 

1.39%

 

 

 

2.14%

 

Total Debt Financings

 

$

495,383,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Facility fees are variable

 

At March 31, 2017 and December 31, 2016, the Partnership posted cash collateral (i.e. restricted cash) related to the interest rate swaps associated with specific Term A/B Trusts. In addition, to mitigate its exposure to interest rate fluctuations on the variable rate TEBS Financings, the Partnership also entered into interest rate cap agreements (Note 17).

 

The TOB and Term A/B Trusts are subject to a Master Trust Agreement with DB that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. At March 31, 2017, the Partnership was in compliance with these covenants.

 

Debt Financing Activity in the First Quarter of 2017

In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 was paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts:

 

Term A/B Trusts Securitization

 

Outstanding Term A/B

Trust Financing at

March 31, 2017, net

 

 

Year

Acquired

 

Stated Maturity

 

Fixed Interest

Rate

 

San Vicente - Series A

 

$

3,106,826

 

 

2017

 

February 2022

 

 

3.89

%

San Vicente - Series B

 

 

1,532,587

 

 

2017

 

June 2018

 

 

3.76

%

Las Palmas - Series A

 

 

1,503,641

 

 

2017

 

February 2022

 

 

3.89

%

Las Palmas - Series B

 

 

1,479,573

 

 

2017

 

June 2018

 

 

3.76

%

The Village at Madera - Series A

 

 

2,740,786

 

 

2017

 

February 2022

 

 

3.89

%

The Village at Madera - Series B

 

 

1,443,242

 

 

2017

 

July 2018

 

 

3.76

%

Harmony Court Bakersfield - Series A

 

 

3,315,877

 

 

2017

 

February 2022

 

 

3.89

%

Harmony Court Bakersfield - Series B

 

 

1,676,521

 

 

2017

 

July 2018

 

 

3.76

%

Summerhill - Series A

 

 

5,721,078

 

 

2017

 

February 2022

 

 

3.89

%

Summerhill - Series B

 

 

2,837,225

 

 

2017

 

July 2018

 

 

3.76

%

Courtyard - Series A

 

 

9,118,911

 

 

2017

 

February 2022

 

 

3.89

%

Courtyard - Series B

 

 

5,242,064

 

 

2017

 

July 2018

 

 

3.76

%

Seasons Lakewood - Series A

 

 

6,545,788

 

 

2017

 

February 2022

 

 

3.89

%

Seasons Lakewood - Series B

 

 

4,427,691

 

 

2017

 

August 2018

 

 

3.76

%

Seasons San Juan Capistrano - Series A

 

 

11,032,559

 

 

2017

 

February 2022

 

 

3.89

%

Seasons San Juan Capistrano - Series B

 

 

5,535,047

 

 

2017

 

August 2018

 

 

3.76

%

Avistar at Wood Hollow - Series A

 

 

26,821,903

 

 

2017

 

February 2027

 

 

4.46

%

Avistar at Wilcrest - Series A

 

 

3,165,250

 

 

2017

 

February 2027

 

 

4.46

%

Avistar at Copperfield - Series A

 

 

8,409,054

 

 

2017

 

February 2027

 

 

4.46

%

Total Term A/B Trust Financing

 

$

105,655,623

 

 

 

 

 

 

 

 

 

In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts:

 

Term A/B Trusts Securitization

 

Outstanding Term A/B

Trust Financing at

March 31, 2017, net

 

 

Year

Acquired

 

Stated Maturity

 

Fixed Interest

Rate

 

Oaks at Georgetown - Series A

 

$

11,085,441

 

 

2017

 

March 2022

 

 

3.89

%

Oaks at Georgetown - Series B

 

 

4,681,745

 

 

2017

 

August 2018

 

 

3.76

%

Harmony Terrace - Series A

 

 

6,198,322

 

 

2017

 

March 2022

 

 

3.89

%

Harmony Terrace - Series B

 

 

6,277,910

 

 

2017

 

August 2018

 

 

3.76

%

Total Term A/B Trust Financing

 

$

28,243,418

 

 

 

 

 

 

 

 

 

 

Debt Financing Activity in the First Quarter of 2016

The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 MRB were paid in full and collapsed in January 2016 and March 2016, respectively.

 

The following represents the Debt Financing contractual maturities for the next five years and thereafter: 

 

2017

 

$

116,900,695

 

2018

 

 

38,554,927

 

2019

 

 

130,763,081

 

2020

 

 

83,278,656

 

2021

 

 

2,303,044

 

Thereafter

 

 

231,975,250

 

Total

 

$

603,775,653

 

 

Secured Line of Credit [Member]  
Unsecured Lines of Credit

14. Secured Line of Credit

In December 2016, the Partnership entered into a secured Credit Agreement of up to $20.0 million with Bankers Trust. The secured LOC was paid in full in February 2017 and is no longer available to the Partnership at March 31, 2017.