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Wells Fargo NeighborhoodLIFT Program to Create Pathways to Bay Area Homeownership

As the Bay Area grapples with COVID-19 economic recovery, $9.5 million effort helps 350 low- and moderate-income residents

SAN FRANCISCO–(BUSINESS WIRE)–
In the Bay Area, more than four in 10 renters pay over 30% of their income on housing. Additionally, nearly 25% of renters are severely cost-burdened, paying over half of their income on housing, according to the Joint Center for Housing Studies of Harvard University. Renters, including people of color, are disadvantaged in being able to build equity and wealth as the Bay Area grapples with recovery from the economic fallout and housing instability caused by COVID-19.

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To address this ongoing issue, Wells Fargo, NeighborWorks® America, and its network member Community Housing Development Corporation today announced the NeighborhoodLIFT® program, a $9.5 million collaboration funded by the Wells Fargo Foundation to boost homeownership in the Bay Area for low- and moderate-income individuals. The NeighborhoodLIFT program will offer $25,000 in down payment assistance to 359 eligible homebuyers.

“The economic fallout caused by COVID-19 has only exacerbated the housing affordability challenges in the Bay Area as far too many families struggle paying too much of their income on rent,” said Max Seetho, Wells Fargo Bank region president for the Silicon Valley. “While affordability and inventory continue to pose challenges, this initiative will make a positive impact on the lives of more low- and moderate-income families by putting them on a pathway to housing stability, wellness, and wealth accumulation through successful homeownership.”

Because of COVID-19, the NeighborhoodLIFT program for six Bay Area counties is redesigned to virtually assist low- and moderate-income homebuyers purchase a home in Alameda, Contra Costa, San Francisco, San Mateo, Santa Clara, and Solano counties through the collaboration with the nonprofits.

“We have much more work to do to broaden economic opportunity in the Bay Area and it’s heartening to see Wells Fargo launch an initiative that embraces homeownership as the surest path to financial resilience for our families struggling on modest incomes,” said San Jose Mayor Sam Liccardo.

Today’s expansion of the NeighborhoodLIFT program is Wells Fargo’s 80th LIFT programs launch and follows similar Bay Area initiatives in 2012 and 2017 that assisted 536 homeowners with down payment assistance with a combined $16 million investment by Wells Fargo. The 2020 expansion of the initiative for six Bay Area counties includes $525,000 for 700 people to receive NeighborhoodLIFT Home Ownership Counseling so they can learn how to navigate the home purchasing process and determine how to best budget for ongoing homeownership costs.

“This important collaboration will assist more than 350 homeowners,” said Lisa Hasegawa, regional vice president, Western region with NeighborWorks America. “The required homebuyer education provided by trained professionals better prepares NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”

Montie Cross, a retired technology company worker purchased her family’s Fairfield, Calif. home with NeighborhoodLIFT down payment assistance. “This is my first-time owning a home so working with the credit counselor to prepare for the steps to qualify for a mortgage made everything go smooth,” said Cross. “This is my house now and I don’t need to rent any longer.”

Eligible homebuyers can earn 80% or less of family median income in Alameda, Contra Costa, San Francisco, San Mateo, Santa Clara, and Solano counties, as determined by the Federal Financial Institutions Examination Council. Participating homebuyers can obtain mortgage financing from any participating NeighborhoodLIFT lender, and Community Housing Development Corporation will determine eligibility and administer the down payment assistance.

Interested individuals should visit www.wellsfargo.com/lift for additional information and the steps to apply for down payment assistance. Homebuyers can view a list of participating lenders and sign-up for homebuyer education with a HUD-approved provider at www.communityhdc.org/lift. Applications for down payment assistance may be submitted beginning Monday, Feb. 1, 2021.

“We are ready to help more Bay Area families achieve successful and sustainable homeownership,” said Don Gilmore, executive director of Community Housing Development Corporation. “NeighborhoodLIFT is a unique program in how it changes lives by moving away from the uncertainty of renting by making homeownership more affordable, achievable, and sustainable.”

The NeighborhoodLIFT program also aligns with the goals and principles of the Roundtable for Economic Access and Change (Project REACh) founded by the U.S. Office of the Comptroller of the Currency. The Project REACh coalition focuses on removing barriers to financial inclusion and providing greater access to credit and capital. Wells Fargo is involved in all four Project REACh work streams, including the Alternative Credit Score Utility; Small Business Opportunity; Revitalizing Minority Depository Institutions Working Groups; and is leading the Homeownership Working Group, which seeks to expand and preserve affordable homeownership among minority populations. The NeighborhoodLIFT program addresses several of the challenges facing potential homeowners, including engaging in homebuyer education, savings, and wealth creation. Additional information can be found at www.occ.gov/REACh.

Since 2012, Wells Fargo has invested $511 million in NeighborhoodLIFT and other LIFT programs across more than 1,000 communities to help 24,600 Americans become homeowners, purchasing more than $4.86 billion in real estate on an aggregate basis as of June 2020. The program is part of the Wells Fargo Foundation’s commitment to donate $1 billion in support of housing affordability solutions across the U.S. Additionally, since 2016, Wells Fargo has financed 34 affordable housing developments in Alameda, Contra Costa, San Francisco, San Mateo, Santa Clara, and Solano counties. The $1.8 billion in debt and equity financing has supported the construction or renovation of 4,045 rental homes for families, seniors, and people at risk of being homeless due to increased housing costs in the Bay Area.

The Wells Fargo Foundation has also distributed $175 million in donations across the U.S. in 2020, in response to the economic fallout caused by COVID-19. These resources have helped provide support for food, small businesses, and housing needs. Grants focused on keeping people housed include funding for national nonprofit housing intermediaries, local nonprofits, and legal assistance organizations, including Bay Area Legal Aid, that drive advocacy efforts and work with people to mitigate rental evictions.

About NeighborWorks America and Community Housing Development Corporation

Community Housing Development Corporation (CHDC) is a chartered member of NeighborWorks America, a national organization that creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities. NeighborWorks America supports a network of more than 240 nonprofits, located in every state, the District of Columbia and Puerto Rico. CHDC is a 30-year-old comprehensive community development organization providing homeownership counseling, down payment assistance, developing rental and homeownership homes, economic development, lending, property and asset management and community engagement. CHDC is a NeighborWorks Homeownership Center. Visit www.neighborworks.org or www.communityhdc.org to learn more.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

News Release Category: WF-PESG

View source version on businesswire.com: https://www.businesswire.com/news/home/20201202005855/en/

Media

Stephanie Grant, 760-317-6505

[email protected]

Media

Chris Hammond, 415-310-9152

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Women Seniors Other Philanthropy Men State/Local Hispanic Insurance Family Finance Banking Consumer Fund Raising Professional Services Foundation Residential Building & Real Estate Philanthropy Commercial Building & Real Estate Public Policy/Government Construction & Property

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Photo

The NeighborhoodLIFT program for six Bay Area counties will assist 359 low- and moderate-income families purchase a home with support of $25,000 in down payment assistance. Learn more at www.wellsfargo.com/LIFT. (Photo: Wells Fargo)

Avolon Announces Pricing Terms of Previously Announced Debt Tender Offers

DUBLIN–(BUSINESS WIRE)–
Avolon Holdings Limited (“Avolon” or the “Company”), the international aircraft leasing company, announced today the pricing terms of the previously announced offers by Avolon Holdings Funding Limited, a Cayman Islands exempted company and a direct wholly-owned subsidiary of Avolon (“Avolon Holdings Funding”) and Park Aerospace Holdings Limited, a Cayman Islands exempted company and a direct wholly-owned subsidiary of Avolon (“Park” and, together with Avolon Holdings Funding, the “Offerors” each an “Offeror” and, together with the Company and its consolidated subsidiaries, “we,” “our” or “us”), to purchase for cash the notes listed in the table below (the “Notes”) (i) in accordance with, and in the order of, the corresponding Acceptance Priority Levels and (ii) subject to the Maximum Tender Cap (as defined below), any applicable Series Cap and pro rata allocation, upon the terms and subject to the conditions set forth in the Offer to Purchase (as defined below). The offers to purchase with respect to each series of Notes are referred to herein as the “Offers” and each, an “Offer.” Each Offer is made upon the terms and subject to the conditions set forth in the offer to purchase, dated November 16, 2020 (as amended or supplemented from time to time, the “Offer to Purchase”). Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase.

Because the aggregate purchase price (including principal and premium, but excluding Accrued Interest (as defined below)) of the Notes validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on December 1, 2020 (the “Early Tender Deadline”) exceeds the Maximum Tender Cap and each applicable Series Cap, we will accept for purchase such Notes in accordance with the Acceptance Priority Levels, subject to the proration factors, each as set forth in the table below and as further described in the Offer to Purchase, so as not to exceed the Maximum Tender Cap or the applicable Series Caps.

The applicable Total Consideration for each $1,000 in principal amount of Notes validly tendered and not validly withdrawn before the Early Tender Deadline and accepted for purchase pursuant to the Offers was determined by reference to the applicable fixed spread for each Series of Notes over the yield (the “Tender Offer Yield”) based on the bid price of the applicable reference security, in each case as set forth in the table below. The Tender Offer Yields (as determined pursuant to the Offer to Purchase) listed in the table below were determined at 10:00 A.M., New York City time, today, December 2, 2020, by the Dealer Managers (as defined below). The Total Consideration for each Series includes an early tender premium (the “Early Tender Premium”) of $30.00 per $1,000 principal amount of Notes accepted for purchase and accounts for the par call date, if applicable.

The following table sets forth the pricing terms for the Offers:

Issuer	Title of Security	Security Identifiers	Principal Amount Outstanding	Acceptance Priority Level	Proration Factor (rounded)	Series Cap	Tender Offer Yield	Reference Security	Fixed Spread	Total Consideration(1)
Park	5.250% Notes due 2022*	CUSIP: 70014L AA8/ G6935L AA1 ISIN: US70014LAA89/ USG6935LAA10	$1,775,854,000	1	93%	$500 million aggregate purchase price	2.370%	0.125% UST due 10/31/2022	220 bps	$1,045.40
Avolon Holdings Funding	3.625% senior notes due 2022*	CUSIP: 05401AAE1/ G0686BAD1 ISIN: US05401AAE10/ USG0686BAD13	$646,381,000	2	88%	$200 million aggregate purchase price	2.220%	0.125% UST due 10/31/2022	205 bps	$1,018.28
Avolon Holdings Funding	5.500% Notes due 2023*	CUSIP: 05401A AA9/ G0686B AA7 ISIN: US05401AAA97/ USG0686BAA73	$462,590,000	3	43%	$50 million aggregate purchase price	3.373%	0.250% UST due 11/15/2023	315 bps	$1,041.45

_______________
*		Admitted to trading on the Irish Stock Exchange plc, trading as Euronext Dublin (“Euronext Dublin”).
(1)		Per $1,000 principal amount of Notes validly tendered and not validly withdrawn and accepted for purchase in the applicable Offer at or prior to the Early Tender Deadline. Excludes Accrued Interest. Includes the Early Tender Premium (as defined herein).

We expect settlement for Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline and accepted for purchase to occur on December 3, 2020. All payments for Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline and accepted for purchase will also include accrued and unpaid interest from the last interest payment date up to, but not including, the applicable Settlement Date (the “Accrued Interest”). All Notes that have been accepted for purchase will be retired and canceled and will no longer remain outstanding obligations of the Company, the Issuers or any of the Company’s other subsidiaries. Such Notes will also be delisted from Euronext Dublin. Subject to the foregoing, an aggregate of $478,286,000 principal amount of the 5.250% Notes due 2022 will be accepted for purchase and canceled, and $1,297,568,000 principal amount will remain outstanding; an aggregate of $196,410,000 principal amount of the 3.625% senior notes due 2022 will be accepted for purchase and canceled, and $449,971,000 principal amount will remain outstanding; and an aggregate of $48,010,000 principal amount of the 5.500% Notes due 2023 will be accepted for purchase and canceled and $414,580,000 principal amount will remain outstanding.

The Offers will expire at 11:59 P.M., New York City time, on December 15, 2020 (as the same may be extended with respect to any Offer, the “Expiration Date”). As a result of reaching the previously announced amount of $750,000,000 (as so amended, the “Maximum Tender Cap”) by the Early Tender Deadline, no Notes tendered after the Early Tender Deadline will be accepted for purchase, regardless of their Acceptance Priority Level. Notes not accepted for purchase will be returned promptly to the tendering holders of the Notes (“Holders”) (or, in the case of Notes tendered by book-entry transfer, such Notes will be promptly credited to the account maintained at The Depository Trust Company from which such Notes were delivered) and otherwise returned in accordance with the Offer to Purchase.

We expressly reserve the right, in our sole discretion, to amend, extend or, upon failure of any condition described in the Offer to Purchase to be satisfied or waived, to terminate any of the Offers, including the right to amend or eliminate the Maximum Tender Cap or any applicable Series Cap, at any time at or prior to the Expiration Date.

Deutsche Bank Securities Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC are serving as the Lead Dealer Managers, and Barclays Capital Inc., BNP Paribas Securities Corp. and MUFG Securities Americas Inc. are serving as Co-Dealer Managers, in connection with the Offers (collectively, the “Dealer Managers”). Questions regarding terms and conditions of the Offers should be directed to Deutsche Bank Securities, Inc. by calling toll free at 866-627-0391, Mizuho Securities USA LLC by calling toll free at 866-271-7403 or to Wells Fargo Securities, LLC by calling toll free at 800-645-3751.

Global Bondholder Services Corporation has been appointed as information agent (the “Information Agent”) and tender agent (the “Tender Agent”) in connection with the Offers. Questions or requests for assistance in connection with the Offers or the delivery of tender instructions, or for additional copies of the Offer to Purchase, may be directed to Global Bondholder Services Corporation by calling collect at 212-430-3774 (for banks and brokers) or toll free at 866-924-2200 (for all others) or via e-mail at [email protected]. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers. The Offer to Purchase can also be accessed at the following website: https://www.gbsc-usa.com/avolon/.

None of Avolon Holdings Funding, Park, the Company, the Dealer Managers, Global Bondholder Services Corporation, the trustee under the indenture governing the Notes or any of their respective affiliates is making any recommendation as to whether Holders should tender any Notes in response to the Offers. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amounts of Notes to tender.

This press release is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell with respect to any securities. Neither this press release nor the Offer to Purchase, or the electronic transmission thereof, constitutes an offer to purchase or sell or a solicitation of an offer to purchase or sell with respect to any securities, as applicable, in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities laws or otherwise. The distribution of this press release in certain jurisdictions may be restricted by law. In those jurisdictions where the securities, blue sky or other laws require the Offers to be made by a licensed broker or dealer and the Dealer Managers or any of their respective affiliates is such a licensed broker or dealer in any such jurisdiction, the Offers shall be deemed to be made by the Dealer Managers or such affiliate, as the case may be, on behalf of the Company in such jurisdiction.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014

This announcement is released by the Offerors and may contain inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (“MAR”), encompassing information relating to the Notes. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/155, this announcement is made by the directors of each Offeror.

About Avolon

Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co., Ltd., a public company listed on the Shenzhen Stock Exchange (SLE: 000415) and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation which is listed on the Tokyo and New York Stock Exchanges (TSE: 8591; NYSE: IX). Avolon is the world’s third largest aircraft leasing business with an owned, managed and committed fleet, as of 30 September 2020 of 837 aircraft.

Website: www.avolon.aero

Twitter: @avolon_aero

Note Regarding Forward-Looking Statements

This document includes forward-looking statements, beliefs or opinions, including statements with respect to Avolon’s business, financial condition, results of operations and plans. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control and all of which are based on our management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe,” “expects,” “may,” “will,” “could,” “should,” “shall,” “risk,” “intends,” “estimates,” “aims,” “plans,” “predicts,” “continues,” “assumes,” “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. Forward-looking statements may and often do differ materially from actual results. No assurance can be given that such future results will be achieved, that any private placement of senior unsecured notes will occur following the investor calls or, regardless of whether a private placement of senior unsecured notes is consummated, that any ratings agencies will upgrade Avolon to investment grade. Avolon does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201202005896/en/

Ross O’Connor

Head of Investor Relations

[email protected]

+353 1 231 5818

Emmet Moloney

Head of Communications

[email protected]
+353 1 556 4429

Jonathan Neilan

FTI Consulting

[email protected]
+353 86 231 4135

KEYWORDS: Europe Ireland United Kingdom

INDUSTRY KEYWORDS: Air Transport Aerospace Manufacturing

MEDIA:

Posted on December 2, 2020 2:35 pm

America’s Tallest Digital Holiday Tree Returns to Denver for Second Year

110-foot Mile High Tree, presenting sponsor Modelo®, shines bright in its new location on The Mile High City’s 16th Street Mall

PR Newswire

DENVER, Dec. 2, 2020 /PRNewswire/ — For the second year in a row, Denver tourism officials and community partners kicked off the holiday season with The Mile High City’s newest and brightest holiday tradition, The Mile High Tree, presenting sponsor Modelo®. The spectacular art installation – which moved to a new location in the heart of downtown Denver this year – features dynamic light shows set to holiday music from various cultures, all displayed on the country’s tallest pixel LED tree.

The attraction, which made its debut last year, will light up downtown Denver in its new location on the 16^th Street Mall at Welton Street through January 2, 2021. Weekly, from Thursday through Saturday (and some Sundays), visitors can step inside the free 110-ft tall immersive art installation – the largest of its kind in North America – to enjoy the five-minute lights and holiday music shows. From Sundays through Wednesdays, visitors can still enjoy the tree’s programming, safely from a distance. Of course, organizers are keeping visitors’ safety a top priority with social distancing measures, mask requirements and limited capacity.

The seven-story tall, 39-foot diameter conical structure is part of Denver’s Mile High Holidays, the city’s annual celebration of the holiday season featuring several spectacular light displays, holiday markets, local shopping, festive events, hotel deals and more. Details about the Mile High Tree’s programming, as well as safe holiday happenings throughout the city, can be found at MileHighHolidays.com. Information on safety protocols and measures can be found in VISIT DENVER’sClean & Safe Resource Guide; and full details about Denver’s Coronavirus mandates, recommendations and resources can be found on the City & County of Denver’s website.

Created by Spain-based ILMEX Illumination, part of Ximenez Group, a world-leading firm in artistic and decorative lighting, the tree presents a series of dynamic, pre-programmed lighting and music experiences throughout the evening using pixel mapping technology through 60,000 LED lights. ILMEX is globally renowned for creating decorative lighting productions in cities throughout the world including London, Milan, Brussels, Dubai, Tokyo, Madrid, Moscow, Bogota, Perth, New York and Montreal. The company behind the lighting design for the Mile High Tree, presenting sponsor Modelo® is Madrid-based Brut Deluxe, which has created lighted art installations across the globe.

About VISIT DENVER, The Convention & Visitors Bureau
Celebrating 111 years of promoting The Mile High City, VISIT DENVER is a nonprofit trade association that contracts with the City of Denver to market Denver as a convention and leisure destination, increasing economic development in the city, creating jobs and generating taxes. A total of 17.7 million visitors stayed overnight in Denver in 2019, generating $6 billion in spending, while supporting more than 60,000 jobs, making Tourism one of the largest industries in Denver. Learn more about Denver on the VISITDENVER website and at TOURISMPAYSDENVER or by phone at 800 2 Denver. Denver International Airport (DEN; flydenver.com) connects The Mile High City to more than 200 destinations worldwide. Follow Denver’s social media channels for up-to-the-minute updates at: Facebook.com/visitdenver; Twitter.com/visitdenver; Instagram.com/visitdenver; and YouTube.com/visitdenver.

About Modelo®

Born in 1925 in the small town of Tacuba, Mexico, Modelo has been bringing distinctive high-quality beer to people ever since, including Modelo Especial®, Modelo Negra®, Modelo Chelada Especial™, Modelo Chelada Tamarindo Picante™, Modelo Chelada Limón y Sal™ and Modelo Chelada Mango y Chile™. As the #1 imported beer in the U.S., Modelo Especial recently surpassed 100MM cases sold in 2018. The Modelo family of beers are exclusively brewed, imported and marketed for the U.S. by Constellations Brands. Drink responsibly. Imported by Crown Imports, Chicago, IL

About Constellation Brands


Constellation Brands (NYSE: STZ and STZ.B), a Fortune 500® company, is a leading international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Constellation is the No. 3 beer company in the U.S. with high-end, iconic imported brands such as the Corona and Modelo brand families and Pacifico. To learn more, follow us on Twitter @cbrands and visit www.cbrands.com.

CONTACTS :	Jesse Davis, VISIT DENVER: (720) 417-9621 or [email protected]
	Ashley Geisheker, VISIT DENVER: (303) 854-7767 or [email protected]