OTEF

AcronymDefinition
OTEFOrganisation Tunisienne de l'Education et de La Famille (French: Tunisian Family and Education Organization)
OTEFOperational Test and Evaluation Force
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OTEF is a publicly traded Maryland limited partnership that invests primarily in tax-exempt bonds issued to finance high quality apartment and senior living/health care communities, the majority of which are owned by affiliates of Apartment Investment and Management Company ("AIMCO").
Any questions about OTEF should be directed to OTEF's Investor Services group at 1-888-321-OTEF.
OTEF also announced that the Board of Directors of its managing general partner declared a special distribution of $6.
OTEF also announced that Schedules K-1 for 2000 have been mailed to OTEF's investors.
As a result, in the merger each Beneficial Assignment of Limited Partnership Interest of OTEF ("BAC") will convert into the right to receive (i) 0.
The value of the special distribution and the merger consideration per OTEF BAC is approximately $34.
The OTEF board of directors, including two independent directors, unanimously approved the merger based in part on the fairness opinion of Marshall & Stevens Incorporated, OTEF's independent real estate consultant.
OTEF holds tax-exempt bonds and taxable securities secured primarily by mortgages on 17 properties, the control of 16 of which was acquired by AIMCO in September 2000 in connection with the previously announced transaction between AIMCO and Oxford's principals.
AIMCO has informed OTEF that AIMCO does not intend to change OTEF's distribution policy.
The Series C Bonds are secured by, among other things, a second mortgage on the property, and are subject to optional call by OTEF in 10 years.
As in other recent acquisitions, the terms of this transaction will allow OTEF to benefit from substantially all of the expected increases in property cash flow and value during the term of the loans.
As in recent acquisitions, this transaction will allow OTEF to benefit from substantially all of the expected increases in property cash flow and value during the term of the loans.