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Charter Municipal Mortgage Acceptance Company Announces Public Offering Of 3,250,000 Common Shares

CharterMac Announces Second Public Offering of Common Shares in 2001

NEW YORK, Nov. 9 /PRNewswire/ -- Charter Municipal Mortgage Acceptance Company (``CharterMac'') (Amex: CHC) today announced the public follow-on offering of 3,250,000 common shares of beneficial interest at a price of $15.00 per share. CharterMac has also granted the underwriters an option to purchase up to an additional 487,500 shares to cover over-allotments, if any. This offering is expected to close on November 15, 2001.

Net proceeds from the offering to CharterMac, after underwriter's discount and expenses, will be approximately $45.8 million. CharterMac intends to use the proceeds to fund new investments and for general trust purposes including reduction of our indebtedness.

``We are extremely proud of CharterMac's ability to continue to access the capital markets at favorable pricing,'' said Stuart J. Boesky, Chief Executive Officer of CharterMac. ``This is the second time that CharterMac has accessed the common equity market in 2001, raising a total of approximately $162 million. This is an important milestone for us as it was our first common offering that was targeted to institutional investors and it was very well received in the institutional marketplace.''

The underwriters, led by Robertson Stephens, also include Tucker Anthony Sutro, Capital Markets.

MortgageDaily.com
CharterMac is a leading investor in the financing of affordable multifamily housing. CharterMac invests primarily in unrated and non-credit enhanced tax-exempt revenue bonds that finance and refinance the development and ownership of affordable multifamily housing. For more information, please visit CharterMac at http://www.chartermac.com

A final prospectus relating to the offering may be obtained from Robertson Stephens, Inc. at 555 California St., San Francisco, CA 94104 (415) 781-9700; or Tucker Anthony Sutro, Capital Markets; One Beacon Street, Boston, MA 02108 (617) 725-2000.

Certain items in this press release contain forward-looking statements within the meaning of the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements speak only as of the date of this press release. CharterMac expressly disclaims any obligation 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 statement is based.

SOURCE:
Charter Municipal Mortgage Acceptance Company
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