View raises $200 million in convertible senior notes
MILPITAS, Calif., Oct. 27, 2022 (GLOBE NEWSWIRE) — View (NASDAQ: VIEW) (“View” or the “Company”) today announced that it has raised $200 million in senior convertible bonds, which support View’s continued growth and path to profitability, following the inclusion of its smart windows in the Investment Tax Credit (ITC) under the recently passed Inflation Reduction Act 2022 . The investment is being led by RXR-affiliated investment vehicles, with participation from USAA Real Estate, Anson Funds, and BNP Paribas Asset Management’s environmental strategies group, as well as other new and existing investors. Scott Rechler, president and CEO of RXR, will join the company’s board of directors.
“At View, we are committed to creating sustainable, experiential, healthier and smarter buildings. With the products and operations already in place, this capital allows us to scale our business to broad market adoption and profitability,” said Dr. Rao Mulpuri, CEO of View. “We are delighted to have such strong endorsements from leaders in the real estate industry. I am delighted to welcome Scott to our Board of Directors. more innovative, his knowledge of the real estate ecosystem and drive for positive change in the industry is a perfect fit with our mission, and he also adds substantial expertise to our Board of Directors through his extensive experience in public companies.”
“Smart windows represent one of the most effective ways to reduce energy consumption and carbon emissions from real estate,” said Scott Rechler, president and CEO of RXR. “View has thoughtfully built the intellectual property, comprehensive products, manufacturing capability, operational infrastructure, and most importantly, a thrilled customer base needed to transform the real estate industry. I look forward to working with Rao and the team. to quickly scale this platform into an even more successful business.”
Scott Rechler is the CEO and President of RXR. In addition to his role at RXR, Scott serves on the Board of Directors of the Federal Reserve Bank of New York, Chairman of the Regional Plan Association (RPA), Director and Vice Chairman of the National September 11 Memorial and Museum at the World Trade Center , Member of the Real Estate Board of New York (REBNY), Chairman of the Feinstein Institute for Medical Research, Member of the Board of Trustees of Northwell Health, Member of the NYU Real Estate Institute Advisory Committee, Co-Chair of the Board of Trustees of the Tribeca Film Institute , board member of Drum Major Institute, Convene, Kitchen United and Hospital for Special Surgery. From 2011 to 2016, Scott served on the Board of Commissioners as Vice Chairman of the Port Authority of New York and New Jersey, and later served on the Board of Directors of the New York Metropolitan Transportation Authority (MTA) of 2017 to 2019. He was previously the President and Chief Executive Officer of Reckson Associates Realty Corp. and board member of American Campus Communities, Inc.
“USAA Real Estate has direct experience with View Smart Windows as they have continued to refine their products over the past several years,” said Len O’Donnell, CEO of USAA Real Estate. “This is amazing technology that has the potential to transform our industry, and with the addition of the recent tax credit, it makes economic sense for anyone in the real estate industry to roll out across their entire wallet. We couldn’t be more excited to be part of View’s growth story. »
“We urgently need to reduce the carbon footprint of our built environment. View offers one of the best solutions to achieve this while making buildings smarter, healthier and more efficient,” said Edward Lees, Group Co-Head of Environmental Strategies at BNP Paribas Asset Management. “The Cut Inflation Act of 2022, which includes smart windows in ITC, will now accelerate the rollout of this innovative product which is already in use in a growing number of leading buildings.”
“Anson is delighted to participate in this strategic funding round that will launch View into its next stage of growth,” said Moez Kassam, CIO of Anson Funds, a leading alternative asset management firm focused on global real estate securities. . “View has a proven track record of smart window technology, helping its high-quality customer base reduce their environmental impact and we believe ITC will help accelerate adoption of this next-generation technology.”
For further details regarding the investment, please see the company’s current report on Form 8-K, filed October 27, 2022.
Management’s presentation is available on the Investor Relations website at View Investors.view.com/investor-relations
This press release and certain documents View files with the United States Securities and Exchange Commission (the “SEC”), as well as information included in oral statements or other written statements made or to be made by View, other statements of historical fact, contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on management’s current expectations, estimates, assumptions, projections and beliefs, which are subject to change. There can be no assurance that these forward-looking statements will be realized; these statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond View’s control and are difficult to predict. Therefore, actual results may differ materially from what is expressed or anticipated in such forward-looking statements. View’s business is subject to a number of risks which are further described in View’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and its subsequent Quarterly Reports on Form 10-Q. View undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
About the view
View is the leader in smart building technologies that transform buildings to improve human health and experience, reduce energy consumption and carbon emissions, and generate additional revenue for building owners. View Smart Windows uses artificial intelligence to automatically adapt to outdoor conditions, eliminating the need for blinds and increasing access to natural light. Every View installation includes a cloud-connected smart building platform that can easily be extended to reinvent the occupant experience. View’s products are installed in offices, apartments, airports, hotels and educational institutions. For more information, visit: www.view.com.
RXR is an investor, developer and creator of innovative places committed to applying a client and community-centric approach to building properties, services and products that create lasting value for all stakeholders. Headquartered in New York with a national platform strategy, RXR is a vertically integrated operations and development company of more than 500 people, with expertise in a wide range of value creation activities, including real estate, infrastructure and industrial development, revealing value in underperforming properties. , repurposing well-located iconic properties, incorporating cutting-edge technologies and value-added loans. The RXR platform manages 93 commercial real estate properties and investments with an aggregate gross asset value of approximately $22.3 billion, comprising approximately 30.3 million square feet of commercial properties, a multi-family residential portfolio of approximately 7 600 units in operation or under development, and control of development rights for approximately 3,800 additional multi-family and for-sale units as of June 30, 2022. Gross asset value has been compiled by RXR in accordance with the valuation policy of fair value of the business and includes capital invested by RXR and its partners, as well as leverage. Visit RXR.com for more information.
About USAA Real Estate
Together with its affiliates, USAA Real Estate invests across the spectrum of risk for a global clientele, managing over $35 billion in net assets under management across a diversified portfolio in North America and Europe. USAA Real Estate provides strategic equity and debt capital, including to capitalize on the growing demand for technology-driven real estate assets, to address the critical need for housing solutions, and for other market and development opportunities. capital structure with compelling risk-return characteristics. For more information, please visit: www.usrealco.com.
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