Fannie Mae gets tenders for $896.83 million of CAS notes

By Marisa Wong

Los Angeles, Oct. 17 – Fannie Mae announced the results of its Oct. 10 fixed-price cash tender offers for any and all of 11 series of Connecticut Avenue Securities (CAS notes) totaling $1,398,471,260 original principal balance.

A total of $896,830,833 principal amount of notes was tendered by the expiration of the offers at 5 p.m. ET on Oct. 16, according to a press release. The total amount includes $42,869,000 of notes tendered under guaranteed delivery procedures.

The breakdown of amounts tendered is as follows:

• $132,379,840, or 73.42%, of the $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;

• $16.92 million, or 11.78%, of the $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;

• $82,031,000, or 43.19%, of the $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;

• All $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;

• $33,774,404, or 43.12%, of the $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;

• $70,783,000, or 72.24%, of the $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;

• $61,333,000, or 96.84%, of the $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;

• $89,021,407, or 59.39%, of the $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;

• $88,454,182, or 97.25%, of the $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;

• $135,663,000, or 88.86%, of the $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

• $43,241,000, or 39.97%, of the $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.

Settlement is expected for Oct. 18.

Any tenders via guaranteed delivery are expected to be purchased on 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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