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Merger announced.

Charter Municipal Mortgage Acceptance Company and American Tax Exempt Bond Trust jointly announced that the merger of ATEBT with and into a wholly-owned subsidiary of CharterMac, CM Holding Trust, was finalized and certificates were mailed to shareholders on Nov. 17.

Under the terms of the agreement, each share of beneficial ownership in ATEBT outstanding on the effective date of the merger, November 14, 2000, was converted into 1.43112 shares of beneficial interest in CharterMac. CharterMac now has more than $920 million of assets and an estimated equity market capitalization of $490 million.

"We are very pleased to have added ATEBT's quality assets to our CharterMac portfolio. ATEBT owned four participating tax exempt bonds that bear interest rates of 9%," said Stuart J. Boesky, chief executive officer and president of CharterMac.
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Publication:Real Estate Weekly
Date:Nov 29, 2000
Words:131
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