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Fannie Mae begins any-and-all tender offer for $1.40 billion CAS notes
By Mary-Katherine Stinson
Lexington, Ky., Oct. 10 – Fannie Mae announced a tender offer for any and all of 11 series of Connecticut Avenue Securities (CAS notes), according to a release.
The issuer is offering to purchase the following securities totaling $1,398,471,260 original principal balance with the related considerations:
• $180,295,000 original principal balance of Connecticut Avenue Securities, series 2016-C03, class 1M-2 notes (Cusip: 30711XCL6) for a tender offer consideration of $1,067.50;
• $143,674,000 original principal balance of Connecticut Avenue Securities, series 2017-C01, class 1B-1 notes (Cusip: 30711XEQ3) for a tender offer consideration of $1,134.07;
• $189,945,000 original principal balance of Connecticut Avenue Securities, series 2017-C02, class 2B-1 notes (Cusip: 30711XGQ1) for a tender offer consideration of $1,128.50;
• $143.23 million original principal balance of Connecticut Avenue Securities, series 2017-C04, class 2B-1 notes (Cusip: 30711XLU6) for a tender offer consideration of $1,115;
• $78,322,000 original principal balance of Connecticut Avenue Securities, series 2017-C06, class 1B-1 notes (Cusip: 30711XQW7) for a tender offer consideration of $1,091.25;
• $97,984,000 original principal balance of Connecticut Avenue Securities, series 2017-C07, class 1B-1 notes (Cusip: 30711XUW2) for a tender offer consideration of $1,091.25;
• $63,333,000 original principal balance of Connecticut Avenue Securities, series 2017-C07, class 2B-1 notes (Cusip: 30711XWW0) for a tender offer consideration of $1,107.50;
• $149,886,078 original principal balance of Connecticut Avenue Securities, series 2018-C01, class 1B-1 notes (Cusip: 30711XYW8) for a tender offer consideration of $1,077.50;
• $90,954,182 original principal balance of Connecticut Avenue Securities, series 2018-C01, class 1M-2 notes (Cusip: 30711XYX6) for a tender offer consideration of $1,026.25;
• $152,663,000 original principal balance of Connecticut Avenue Securities, series 2018-C04, class 2B-1 notes (Cusip: 30711XR30) for a tender offer consideration of $1,112.50; and
• $108,185,000 original principal balance of Connecticut Avenue Securities, series 2018-C06, class 1B-1 notes (Cusip: 30711X3M4) for a tender offer consideration of $1,088.75.
All considerations are based on $1,000 of notes.
Interest will also be paid to the settlement date.
The offers will expire at 5 p.m. ET Oct. 16.
Settlement is expected for Oct. 18.
There are guaranteed delivery procedures. Settlement for tenders via guaranteed delivery is expected for Oct. 19.
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).
Loop Capital Markets LLC and Mischler Financial Group, 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.
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