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EXHIBIT 99.1
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AT CHARTERMAC & ATEBT AT THE FINANCIAL RELATIONS BOARD
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Brenda Abuaf Joe Calabrese - General Info (212) 661-8030
Director of Shareholder Services Pamela K. Belfor - Analyst Info (212) 661-8030
(800) 831-4826
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CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
AND AMERICAN TAX EXEMPT BOND TRUST MERGER COMPLETE
NEW YORK, NY - NOVEMBER 21, 2000 - Charter Municipal Mortgage Acceptance Company
("CharterMac") (AMEX:CHC), and American Tax Exempt Bond Trust ("ATEBT") today
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 November 17, 2000.
Under the terms of the merger 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 over $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.
CharterMac invests in tax-exempt bonds, the proceeds of which are used by
borrowers to finance and refinance the development and ownership of multifamily
housing nationwide. The Company's portfolio is currently comprised of direct and
indirect ownership interests in tax-exempt multifamily bonds in 18 states as
well as in the District of Columbia.
For more information, please visit us at www.chartermac.com.
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Certain items in this press release may constitute forward-looking statements
within the meaning of the Private Litigation Reform Act of 1995 and as such may
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performances or achievements of CharterMac to be materially
different from any future results, performances or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements
speak only as of the date of this press release. CharterMac expressly disclaims
any obligation or undertaking to release publicly any updates or revisions to
any forward-looking statements contained herein to reflect any change in
CharterMac's expectations with regard thereto or change in events, conditions or
circumstances on which any such statement is based.
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