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Pembrook Targets Native American Investments

NEW YORK CITY-The seven-month-old company makes its first inroads in this arena with an initial investment of $15 million to help fund infrastructure projects for the Seneca Nation.

By Melissa Kress | Updated on May 23, 2007

(Read more on the debt and equity markets.)

NEW YORK CITY-Furthering its platform of investing in underserved property sectors, Pembrook Capital Management has made an investment of $15 million in Seneca Nation of Indians special obligation bonds. The bonds will be used to fund infrastructure projects in the Seneca Nation’s development and expansion in the western part of New York State.

The six-year, special obligation bonds due in 2013, carry an interest rate of 6 ¾% and are a private placement under SEC Rule 144A. According to a Pembrook release, “bond proceeds will help fund upgrades, overdue maintenance and expansion of a key natural gas well that services many of the nation’s constituents and government entities.” In addition, some of the proceeds will be used for a wastewater treatment facility that serves a health clinic, Early Childhood Learning Center, administrative complex and other facilities, along with the purchase of lands adjacent or near the Seneca Nation’s territory, the release adds.

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