Crescent Resources Receives New $100 Million Equity Commitment
Proceeds Will Fund Additional Growth Investments
CHARLOTTE, N.C., June 28, 2012 /PRNewswire/ -- Crescent Resources today announced that its Board of Managers approved an equity investment in the aggregate amount of $100 million from its existing principal equity holders, Anchorage Capital Master Offshore, Ltd. and MatlinPatterson Global Opportunities Partners III, L.P. and certain of both entities' affiliates. The company will use the proceeds to make targeted investments, primarily in the residential and multifamily sectors.
"We are excited about our principal owners' confidence in our platform and increased financial commitment," said Todd Mansfield, Crescent's president and chief executive officer. "Along with our recurring property cash flows and strong balance sheet, this new equity capital will enhance Crescent's ability to make substantial new investments and acquisitions. We are well-positioned for growth."
Crescent Resources currently has assets and projects under development with a value of approximately $1 billion. The additional equity investment will further strengthen Crescent's balance sheet and augment an already significant liquidity position.
"Our strategy is to acquire, entitle, plan, develop and monetize land and other assets to create sustainable, long-term asset growth and value, all while maintaining strong liquidity and cash flow," added Mansfield. "We will execute on the continued development of our existing residential, multifamily, commercial and land assets as well as target new investments in the company's core markets."
"We believe that the current housing recovery has staying power and is based on sound fundamentals in our targeted markets," continued Mansfield. "These markets possess favorable growth characteristics and demographic profiles which support the demand for real estate investment and development."
About Crescent Resources, LLC
Founded in 1969 and based in Charlotte, Crescent Resources is a diversified real estate development and operating company. The company conducts business through four divisions in growing markets in the Southeast and Texas and has a long history of developing high quality residential communities and commercial assets. Currently,
Crescent has 19 master planned communities and seven multifamily communities with 2,200 units under development and an additional 2,900 multifamily units in predevelopment. Crescent owns more than 75,000 acres of land across its four divisions, including 1,400 acres land zoned for a variety of commercial uses.
About Anchorage Capital Group, LLC
Founded in 2003, Anchorage Capital Group, LLC is a private investment firm focused on the credit, special situations and illiquid investment markets primarily in North America, Europe and Australia. Anchorage Capital focuses on a wide range of assets across the corporate credit spectrum and throughout a company's capital structure.
About MatlinPatterson Global Advisers, LLC
Founded in 2002 and based in New York, MatlinPatterson Global Advisers, LLC acts as the investment manager to a global private equity franchise whose funds specialize in making investments in turnaround and distressed situations. It has completed control investments in more than 60 companies with operations in more than 25 countries.
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