Edward F. Evans , Senior Vice President
Edward F. Evans started his career on Wall Street in 1981 at Blyth Eastman, Paine Webber, Inc., as a member of the nation’s top ranked industrial development bond group. Later, as a member of the new business group, he worked on projects ranging from housing bonds to cost saving debt restructuring for a university to the nation’s first corporate defeasance.
In 1986, Mr. Evans started his own company. Two examples of his transactions from that period are an $11,650,000 non-rated bond issue for the addition of a 99-bed nursing home to a 100-bed osteopathic hospital and a $27,600,000 variable rate bond issue that funded equipment loans for hospitals. The former saved the hospital from closing and the latter enabled the hospitals to fund their planned equipment needs plus increase their EBIDA as they generated greater investment income with the pooled loan program.
In 1989, in response to HUD’s call for McKinney Act savings through refundings, Mr. Evans created a structure combining “AAA” rated tax-exempt bonds with non-rated, taxable subordinate notes to refund Section 8-assisted multifamily mortgage revenue bonds. Working off of this structure Mr. Evans closed the nation’s first cost saving taxable refunding of a tax-exempt Section 11(b) multifamily revenue bond issue.
In the 1990’s, Mr. Evans developed an expertise in the non-rated, tax-exempt bond market. Mr. Evans utilized that market to close transactions for multifamily housing, a university and its medical school, factories, and a shopping mall.
Of note in this century, Mr. Evans has structured and closed a bond issue for the nation’s premier water storage bank. The transaction for the water district received an “A” rating on the structure itself, the first time a rating was given on an issue secured solely by water revenue contracts. This was also the first issue publicly offered with the limited security. For reasons other than credit concerns, Mr. Evans obtained financial guarantee insurance for the bond issue with liens only on the district’s water contracts, again a first in the industry.
As a generalist Mr. Evans uses a variety of capital markets. In addition to the rated and non-rated tax-exempt and taxable bond markets, his transactions tap the conventional mortgage markets and the more esoteric tax credit equity, the so-called “hard money” debt, and emerging market Eurobond markets.
Before coming to Wall Street, Mr. Evans was a Deputy Attorney General for the State of Delaware .
