Fannie Mae gives results for tender offer for 10 CAS notes

Lexington, Ky., July 1 – Fannie Mae announced results for its fixed-price cash tender offers for 10 series of Connecticut Avenue Securities debt notes on Friday, according to a press release.

The offers expired at 5 p.m. ET on June 30.

Settlement is expected for July 5.

Overall, $4,402,164,952, or 82.22%, of the $5,353,912,201 total principal balance of notes were tendered in the offer.

The results broken down by series are as follows:

• $506,137,505, or 70.96%, of the $713,282,803 original principal balance Connecticut Avenue Securities, series 2016-C05, class 2M-2 notes (Cusip: 30711XDK7) were tendered for a consideration of $1,042.50 per note;

• $439,390,210, or 79.99%, of the $549,303,195 original principal balance Connecticut Avenue Securities, series 2016-C06, class 1M-2 notes (Cusip: 30711XDS0) were tendered for a consideration of $1,043.75 per note;

• $340,507,369, or 75.97%, of the $448,184,930 original principal balance Connecticut Avenue Securities, series 2016-C07, class 2M-2 notes (Cusip: 30711XEC4) were tendered for a consideration of $1,045 per note;

• $531,050,719, or 81.71%, of the $649,905,000 original principal balance Connecticut Avenue Securities, series 2017-C01, class 1M-2 notes (Cusip: 30711XEP5) were tendered for a consideration of $1,031.25 per note;

• $385,990,998, or 78.57%, of the $$491,292,701 original principal balance Connecticut Avenue Securities, series 2017-C03, class 1M-2 notes (Cusip: 30711XJX3) were tendered for a consideration of $1,018.75 per note;

• $588,324,308, or 92.84%, of the $633,724,031 original principal balance Connecticut Avenue Securities, series 2017-C05, class 1M-2 notes (Cusip: 30711XNX8) were tendered for a consideration of $1,005 per note;

• $257,668,030, or 76.88%, of the $335,153,999 original principal balance Connecticut Avenue Securities, series 2017-C06, class 2M-2 notes (Cusip: 30711XSX3) were tendered for a consideration of $1,013.75 per note;

• $249,738,444, or 87.92%, of the $284,048,541 original principal balance Connecticut Avenue Securities, series 2017-C07, class 1M-2 notes (Cusip: 30711XUX0) were tendered for a consideration of $1,010 per note;

• $704,500,818, or 88.57%, of the $795,455,000 original principal balance Connecticut Avenue Securities, series 2018-C01, class 1M-2 notes (Cusip: 30711XYX6) were tendered for a consideration of $1,007.50 per note; and

• $398,856,551, or 87.94%, of the $453,562,001 original principal balance Connecticut Avenue Securities, series 2018-C03, class 1M-2 notes (Cusip: 30711XJ70) were tendered for a consideration of $1,005 per note.

The original principal balance amounts have been adjusted to reflect reported exchange activity of RCR notes or exchangeable notes into notes eligible for tender initiated during the tender offer period.

All of the considerations are based on par of $1,000 notes.

Holders who tendered by the expiration time are eligible to receive the tender offer consideration, which will incorporate the monthly certificate percentages for the notes available on June 27. Interest will also be paid to the settlement date.

There are guaranteed delivery procedures. Guaranteed delivery settlement is expected on July 6, with interest accruing through the July 5 settlement date.

BofA Securities (888 292-0070, 980 387-3907) is the lead dealer manager and Barclays is the dealer manager (800 438-3242, 212 412-5780).

Global Bondholder Services Corp. is the tender agent (855 654-2015, 212 430-3774 or contact@gbsc-usa.com, https://www.gbsc-usa.com/FannieMae/).

Academy Securities, Inc. and Blaylock Van, LLC are advisers on the transaction.

Fannie Mae provides funds to mortgage bankers and other lenders to be used in loans to homebuyers.

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