We represented Southern Properties, Inc. in obtaining approval for up to $96.4 million in tax increment financing (TIF) funds to use toward certain costs of its $375 million mixed-use development at Shelby Farms Park in Memphis.
$96.4 Million TIF Financing for Development at Shelby Farms Park in Memphis
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Representation of NN, Inc. (NASDAQ: NNBR) in a new financing with J.P. Morgan, funds managed by Oaktree Capital Management, L.P., and investment funds managed by Morgan Stanley Tactical Value providing a $50 million asset-based credit line (ABL), a 5.5-year $150 million term loan, and a $65 million preferred stock issuance, respectively. Proceeds from the transaction will be used to repay the current principal balance of $70 million on its term loans due in 2022, to redeem its current $100 million outstanding preferred stock, prior to the increase in redemption premium at March 31, 2021, and pay off its fixed interest rate swap of $14 million. The transaction enables the company to strengthen its balance sheet by extending its capital structure’s maturity at an attractive blended cost of capital, allowing the company financial flexibility to continue its current business transformation efforts.
Served as bond counsel to Emerald Academy in connection with a tax exempt bond issue
Represented Maslow Development Inc. in connection with the acquisition and future development of 15 acres of land in Memphis, Tennessee