Fannie Mae gives results of 14-series CAS note tender offer

By William Gullotti

Buffalo, N.Y., May 1 – Fannie Mae announced results for its any-and-all tender offer for 14 series of Connecticut Avenue Securities in a press release on Monday.

The company received aggregate tenders totaling $2,653,551,768, representing about 62.65% the total $4,235,294,000 original principal balance issued.

As of the April 28 expiration date, holders had tendered the following:

• $449,890,551, or 77.77%, of the $578.5 million original principal balance of Connecticut Avenue Securities, series 2014-C04, class 1M-2 notes (Cusip: 30711XAP9) for a per-note consideration of $1,050;

• $383,066,537, or 73.45%, of the $521.5 million original principal balance of Connecticut Avenue Securities, series 2015-C01, class 1M-2 notes (Cusip: 30711XAT1) for a per-note consideration of $1,035.94;

• $470,450,407, or 75.26%, of the $625.1 million original principal balance of Connecticut Avenue Securities, series 2015-C02, class 1M-2 notes (Cusip: 30711XAX2) for a per-note consideration of $1,042.50;

• $205,543,198, or 31.91%, of the $644,149,000 original principal balance of Connecticut Avenue Securities, series 2015-C03, class 1M-2 notes (Cusip: 30711XBB9) for a per-note consideration of $1,061.25;

• $151,728,711, or 45.44%, of the $333,918,000 original principal balance of Connecticut Avenue Securities, series 2016-C01, class 1M-2 notes (Cusip: 30711XBM5) for a per-note consideration of $1,078.13;

• $64,176,000, or 30.88%, of the $207.85 million original principal balance of Connecticut Avenue Securities, series 2017-C01, class 1B-1 notes (Cusip: 30711XEQ3) for a per-note consideration of $1,127.50;

• $169,873,000, or 86.71%, of the $195,918,000 original principal balance of Connecticut Avenue Securities, series 2017-C03, class 1B-1 notes (Cusip: 30711XJW5) for a per-note consideration of $1,097.50;

• $156,287,442, or 75.2%, of the $207,818,000 original principal balance of Connecticut Avenue Securities, series 2017-C05, class 1B-1 notes (Cusip: 30711XNW0) for a per-note consideration of $1,055;

• $54,352,000, or 73.78%, of the $73,668,000 original principal balance of Connecticut Avenue Securities, series 2017-C06, class 2B-1 notes (Cusip: 30711XSW5) for a per-note consideration of $1,087.81;

• $106,237,922, or 41.48%, of the $256,124,000 original principal balance of Connecticut Avenue Securities, series 2018-C01, class 1B-1 notes (Cusip: 30711XYW8) for a per-note consideration of $1,066.25;

• $150,963,000, or 99.94%, of the $151,053,000 original principal balance of Connecticut Avenue Securities, series 2018-C02, class 2B-1 notes (Cusip: 30711XC44) for a per-note consideration of $1,077.50;

• $93,148,000, or 48.45%, of the $192,259,000 original principal balance of Connecticut Avenue Securities, series 2018-C03, class 1B-1 notes (Cusip: 30711XJ62) for a per-note consideration of $1,072.50;

• $152,913,000, or 86.18%, of the $177,428,000 original principal balance of Connecticut Avenue Securities, series 2018-C05, class 1B-1 notes (Cusip: 30711XY32) for a per-note consideration of $1,091.25; and

• $44,922,000, or 64.17%, of the $70,009,000 original principal balance of Connecticut Avenue Securities, series 2018-C06, class 2B-1 notes (Cusip: 30711X5V2) for a per-note consideration of $1,081.25.

The tendered amounts include notes tendered via guaranteed delivery.

As previously reported, all considerations are based on $1,000 notes, and interest will also be paid to the settlement date.

Settlement is still expected for May 2.

Settlement for notes tendered via guaranteed delivery is likewise still expected for May 3.

BofA Securities is the lead dealer manager (888 292-0070, 980 387-3907) and Wells Fargo Securities is the designated dealer manager (866 309-6316, 704 410-4756).

CastleOak Securities, LP and Samuel A. Ramirez & Co., Inc. have been engaged as advisers on the transaction.

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

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

© 2015 Prospect News.
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