Fannie Mae begins any-and-all tender offer for $1.87 billion CAS notes

By Mary-Katherine Stinson

Lexington, Ky., April 22 – Fannie Mae announced a tender offer for any and all of seven series of Connecticut Avenue Securities (CAS notes), according to a release.

The issuer is offering to purchase the following securities totaling $1,865,358,000 original principal balance:

• $126,754,000 original principal balance of Connecticut Avenue Securities, 2017-C01, class 1B-1 notes (Cusip: 30711XEQ3) for a tender offer consideration of $1,132.50;

• $107,914,000 original principal balance of Connecticut Avenue Securities, series 2017-C02, class 2B-1 notes (Cusip: 30711XGQ1) for a tender offer consideration of $1,127.50;

• $172,854,000 original principal balance of Connecticut Avenue Securities, series 2018-R07, class 1B-1 notes (Cusip: 20753QAF6) issued by the Connecticut Avenue Securities Trust 2018-R07 for a tender offer consideration of $1,091.25;

• $186,724,000 original principal balance of Connecticut Avenue Securities, series 2019-R01, class 2B-1 notes (Cusip: 20754FAL6) issued by the Connecticut Avenue Securities Trust 2019-R01 for a tender offer consideration of $1,090;

• $187,956,000 original principal balance of Connecticut Avenue Securities, series 2019-R02, class 1B-1 notes (Cusip: 20753KAF9) issued by the Connecticut Avenue Securities Trust 2019-R02 for a tender offer consideration of $1,071.25;

• $523,509,000 original principal balance of Connecticut Avenue Securities, series 2020-R01, class 1M-2 notes (Cusip: 20754CAB5) issued by the Connecticut Avenue Securities Trust 2020-R01 for a tender offer consideration of $1,025; and

• $559,647,000 original principal balance of Connecticut Avenue Securities, series 2020-R02, class 2M-2 notes (Cusip: 30711XWW0) issued by the Connecticut Avenue Securities Trust 2020-R02 for a tender offer consideration of $1,018.75.

All considerations are based on $1,000 of notes. The tender offer consideration will incorporate the monthly certificate percentages available on April 25.

Interest will also be paid to the settlement date.

The offers will expire at 5 p.m. ET April 26. This is also the withdrawal deadline.

Settlement is expected for April 30.

There are guaranteed delivery procedures. Settlement for tenders via guaranteed delivery is expected for May 1.

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, 704 410-4820).

Academy Securities, Inc. and Drexel Hamilton, LLC 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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