SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
- ----------------------------------------------------------------------
SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(AMENDMENT NO. 3)
(FINAL AMENDMENT)
- ----------------------------------------------------------------------
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V, A LIMITED
PARTNERSHIP
(Name of Subject Company)
OLDHAM INSTITUTIONAL TAX CREDITS LLC
(Bidder)
UNITS
(Title of Class of Securities)
100650407
(CUSIP Number of Class of Securities)
- ----------------------------------------------------------------------
Michael H. Gladstone, Esq.
c/o Boston Financial Securities, Inc.
101 Arch Street
Boston, MA 02110
(617) 439-3911
Copies to:
Joseph T. Brady, Esq.
Peabody & Brown
101 Federal Street
Boston, MA 02110
(617) 345-1000
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and
Communications on Behalf of Bidder)
Cusip No.: 100650407 14D-1
- ----------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
OLDHAM INSTITUTIONAL TAX CREDITS LLC
- ----------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) { }
(b) {X}
- ----------------------------------------------------------------------
3. SEC Use Only
- ----------------------------------------------------------------------
4. Sources of Funds (See Instructions)
AF; BK
- ----------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f)
{ }
- ----------------------------------------------------------------------
6. Citizenship or Place of Organization
Massachusetts
----------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
The Reporting Person beneficially owns 8,033.5 Units. In
addition, the Reporting Person is an affiliate of the general
partners of the Subject Company. Arch Street V Limited
Partnership, one of the general partners of the Subject Company,
acquired 5 Units in the Subject Company in 1989 as the initial
limited partner of the Subject Company in connection with the
Subject Company's original formation.
- ----------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
{ }
- ----------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
11.7%.
- ----------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
OO
Cusip No.: 100650407 14D-1
- ----------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
WEST CEDAR MANAGING, INC.
- ----------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) { }
(b) {X}
- ----------------------------------------------------------------------
3. SEC Use Only
- ----------------------------------------------------------------------
4. Sources of Funds (See Instructions)
AF; BK
- ----------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f)
{ }
- ----------------------------------------------------------------------
6. Citizenship or Place of Organization
Massachusetts
- ----------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
The Reporting Person beneficially owns 8,033.5 Units. In
addition, the Reporting Person is an affiliate of the general
partners of the Subject Company. Arch Street V Limited
Partnership, one of the general partners of the Subject Company,
acquired 5 Units in the Subject Company in 1989 as the initial
limited partner of the Subject Company in connection with the
Subject Company's original formation.
- ----------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
{ }
- ----------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
11.7%.
- ----------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
CO
AMENDMENT NO. 3 TO SCHEDULE 14D-1
This Amendment No. 3 amends the Tender Offer Statement on
Schedule 14D-1 filed with the Securities and Exchange Commission (the
"SEC") on July 25, 1997 by Oldham Institutional Tax Credits LLC, a
Massachusetts limited liability company ("the Purchaser"), as amended
by Amendment No. 1 thereto, which was filed with the SEC on August 18,
1997 and Amendment No. 2 thereto, which was filed with the SEC on
August 25, 1997, relating to the tender offer by the Purchaser to
purchase up to 17,200 issued and outstanding Units of limited
partnership interests ("Limited Partnership Interests") in Boston
Financial Qualified Housing Tax Credits L.P. V, A Limited Partnership
(the "Partnership"), to include the information set forth below. Terms
not otherwise defined herein shall have the meaning ascribed to them
in the Schedule 14D-1 and the Offer to Purchase
Item 4. Source and Amount of Funds or Other Consideration.
Item 4(a) is hereby supplemented and amended as follows:
The total amount of funds required by the Purchaser to purchase
the 8,033.5 Units accepted for payment pursuant to the Offer,
excluding related fees and expenses, is approximately $5,422,612.50.
The Purchaser has obtained or will obtain such funds through a loan
(the "Loan") obtained by the Purchaser from one of its affiliates, The
Boston Financial Group Limited Partnership ("BFGLP"), on substantially
the same economic terms and conditions that BFGLP borrows such funds
under an existing credit facility (the "Existing Credit Facility")
that BFGLP has available to it with Fleet Bank of Massachusetts, N.A.
(the "Lender").
The Existing Credit Facility is between the Lender and BFGLP.
The interest rate is the "Prime Rate" (as publicly announced by the
Lender, from time to time) plus .125%, which is presently equal to
8.625% per annum or the "LIBOR Rate" (the annual rate of interest
equal to 1.75% above LIBOR), as elected by BFGLP.
The Purchaser expects to repay all amounts borrowed from its
affiliate by selling additional membership interests to persons or
entities that have a need for the tax credits and/or tax losses
attributable to the Units. No plans or arrangements have been made
with regard to the payment of periodic interest required by the terms
of the loan. However, it is expected that if interest payments are
due and payable, the Purchaser may borrow those funds from its
affiliate(s).
Item 6. Interest in Securities of the Subject Company.
Item 6(a)-(b) is hereby supplemented and amended as follows:
The Offer expired at 12:00 Midnight, Eastern time, on Monday,
September 8, 1997. Based on preliminary information provided by the
Administrative Agent/Depositary to the Purchaser on September 12,
1997, the Purchaser accepted for payment 8,033.5 Units, which
constitute approximately 11.7% of the outstanding Units.
SIGNATURES
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete and correct.
Dated: September 16, 1997
OLDHAM INSTITUTIONAL TAX CREDITS LLC
By: West Cedar Managing Inc., its
managing member
By: /s/ Jenny Netzer
Name: Jenny Netzer
Title: President
WEST CEDAR MANAGING, INC.
By: /s/ Jenny Netzer
Name: Jenny Netzer
Title: President
