Freddie Mac Announces Results of Tender Offer for Certain STACR Notes
Freddie Mac (OTCQB: FMCC) announced the results of its tender offer to purchase any and all of certain STACR® (Structured Agency Credit Risk) Notes. As of the October 11, 2024 expiration time, approximately $967 million aggregate original principal amount of Notes had been validly tendered and not properly withdrawn.
The offer was conducted according to conditions set in the Offer to Purchase and related Notice of Guaranteed Delivery dated October 7, 2024. The Settlement Date for accepted Notes is expected on October 16, 2024, with guaranteed delivery Notes expected to be purchased on October 18, 2024.
Wells Fargo Securities, and StoneX Financial Inc. are lead dealer managers, with CastleOak Securities, L.P. as co-dealer manager. Global Bondholder Services serves as the tender agent.
Freddie Mac (OTCQB: FMCC) ha annunciato i risultati della sua offerta pubblica di acquisto per l'acquisto di tutte le Note STACR® (Structured Agency Credit Risk) specificate. Alla scadenza del 11 ottobre 2024, circa 967 milioni di dollari di importo principale originale delle Note erano state correttamente offerte e non ritirate.
L'offerta è stata effettuata secondo le condizioni stabilite nell'Offerta di Acquisto e nella relativa Notifica di Consegna Garantita datata 7 ottobre 2024. La Data di Regolamento per le Note accettate è prevista per il 16 ottobre 2024, mentre le Note con consegna garantita dovrebbero essere acquistate il 18 ottobre 2024.
Wells Fargo Securities e StoneX Financial Inc. sono i principali gestori dell'offerta, con CastleOak Securities, L.P. come co-gestore. Global Bondholder Services funge da agente di offerta.
Freddie Mac (OTCQB: FMCC) anunció los resultados de su oferta pública de compra para adquirir cualquier y todas las Notas STACR® (Structured Agency Credit Risk) mencionadas. Hasta la fecha de vencimiento del 11 de octubre de 2024, aproximadamente 967 millones de dólares en monto principal original de las Notas habían sido válidamente ofrecidas y no retiradas.
La oferta se llevó a cabo de acuerdo con las condiciones establecidas en la Oferta de Compra y el Aviso de Entrega Garantizada relacionado, fechado el 7 de octubre de 2024. La Fecha de Liquidación para las Notas aceptadas se espera el 16 de octubre de 2024, con las Notas de entrega garantizada que se espera sean adquiridas el 18 de octubre de 2024.
Wells Fargo Securities y StoneX Financial Inc. son los principales gestores de la oferta, con CastleOak Securities, L.P. como co-gestor. Global Bondholder Services actúa como agente de oferta.
프레디 맥(Freddie Mac)(OTCQB: FMCC)는 특정 STACR®(Structured Agency Credit Risk) 노트를 구매하기 위한 입찰 제안의 결과를 발표했습니다. 2024년 10월 11일 만료 시점까지 약 9억 6700만 달러의 원금이 유효하게 제출되었고 적절하게 철회되지 않았습니다.
이번 제안은 2024년 10월 7일에 날짜가 적힌 구매 제안서 및 관련 보장 배송 통지에 설정된 조건에 따라 진행되었습니다. 수용된 노트의 정산일은 10월 16일 2024년으로 예상되며, 보장 배송 노트는 10월 18일 2024년에 구매될 것으로 예상됩니다.
웰스 파고 증권(Wells Fargo Securities)과 스톤엑스 파이낸셜 인크.(StoneX Financial Inc.)가 주요 딜러 매니저로, 캐슬오크 증권(CastleOak Securities, L.P.)이 공동 딜러 매니저로 있습니다. 글로벌 본드홀더 서비스(Global Bondholder Services)는 입찰 대리인 역할을 합니다.
Freddie Mac (OTCQB: FMCC) a annoncé les résultats de son offre de rachat de certaines obligations STACR® (Structured Agency Credit Risk). À la date d'expiration du 11 octobre 2024, environ 967 millions de dollars du montant principal d'origine des obligations avaient été valablement soumises et non retirées.
L'offre a été réalisée selon les conditions établies dans l'Offre d'Achat et l'Avis de Livraison Garanties daté du 7 octobre 2024. La Date de Règlement pour les obligations acceptées est prévue pour le 16 octobre 2024, avec des obligations de livraison garantie qui devraient être achetées le 18 octobre 2024.
Wells Fargo Securities et StoneX Financial Inc. sont les principaux gestionnaires, avec CastleOak Securities, L.P. en tant que co-gestionnaire. Global Bondholder Services sert d'agent de l'offre.
Freddie Mac (OTCQB: FMCC) gab die Ergebnisse seines Angebots zur Erwerbung bestimmter STACR® (Structured Agency Credit Risk) Anleihen bekannt. Zum Ablaufdatum am 11. Oktober 2024 wurden insgesamt etwa 967 Millionen Dollar des ursprünglichen Nennbetrags der Anleihen rechtsgültig angeboten und nicht ordnungsgemäß zurückgezogen.
Das Angebot wurde gemäß den Bedingungen durchgeführt, die im Kaufangebot und im dazugehörigen Hinweises auf die garantierte Lieferung vom 7. Oktober 2024 festgelegt sind. Das Abrechnungsdatum für die akzeptierten Anleihen wird voraussichtlich auf den 16. Oktober 2024 festgelegt, während die Anleihen mit garantierter Lieferung voraussichtlich am 18. Oktober 2024 erworben werden sollen.
Wells Fargo Securities und StoneX Financial Inc. sind die Hauptvertriebsleiter, während CastleOak Securities, L.P. als Co-Vertriebsleiter fungiert. Global Bondholder Services dient als das Tender-Agent.
- High participation rate with $967 million aggregate original principal amount of Notes tendered
- Successful execution of tender offer for multiple STACR Notes series
- Potential improvement in Freddie Mac's debt structure and financial position
- None.
MCLEAN, Va., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) (the “Company”) today announced the tender results of its previously announced offer to purchase (the “Offer”) any and all of the STACR® (Structured Agency Credit Risk) Notes listed in the table below (the “Notes”). Certain of the classes of Notes subject to the Offer were issued by the STACR trusts identified in the table below (each, a “Trust”). Freddie Mac is the holder of the owner certificate issued by each Trust and, as a result, the sole beneficial owner of each Trust.
The Company has conducted the Offer in accordance with the conditions set forth in the Offer to Purchase dated October 7, 2024 (the “Offer to Purchase”) and related Notice of Guaranteed Delivery dated October 7, 2024 (collectively, the “Offer Documents”). Capitalized terms used but not defined in this Press Release have the meanings ascribed to such terms in the Offer Documents.
As of 5:00 p.m., New York City time, on Friday, October 11, 2024 (the “Expiration Time”), approximately
| Title of Security | STACR Trust (if applicable) | CUSIP Number (U.S. / Regulation S) | ISIN Number (U.S. / Regulation S) | Original Principal Amount | Percentage of Original Principal Amount Tendered and Accepted1 | Original Principal Amount Tendered and Accepted2 | ||
| STACR 2016-HQA1 B | N/A | 3137G0JM2 / N/A | US3137G0JM20 / N/A | |||||
| STACR 2016-DNA2 M-3 | N/A | 3137G0JU4 / N/A | US3137G0JU46 / N/A | |||||
| STACR 2016-DNA2 B | N/A | 3137G0JZ3 / N/A | US3137G0JZ33 / N/A | |||||
| STACR 2016-HQA2 M-3 | N/A | 3137G0KE8 / N/A | US3137G0KE84 / N/A | |||||
| STACR 2016-HQA2 B | N/A | 3137G0KK4 / N/A | US3137G0KK45 / N/A | |||||
| STACR 2016-DNA3 M-3 | N/A | 3137G0KQ1 / N/A | US3137G0KQ15 / N/A | |||||
| STACR 2016-DNA3 B | N/A | 3137G0KV0 / N/A | US3137G0KV00 / N/A | |||||
| STACR 2016-HQA3 M-3 | N/A | 3137G0LA5 / N/A | US3137G0LA53 / N/A | |||||
| STACR 2016-HQA3 B | N/A | 3137G0LF4 / N/A | US3137G0LF41 / N/A | |||||
| STACR 2016-HQA4 M-3 | N/A | 3137G0LU1 / N/A | US3137G0LU18 / N/A | |||||
| STACR 2016-HQA4 B | N/A | 3137G0LV9 / N/A | US3137G0LV90 / N/A | |||||
| STACR 2017-DNA1 M-2 | N/A | 3137G0MD8 / N/A | US3137G0MD83 / N/A | |||||
| STACR 2017-DNA1 B-1 | N/A | 3137G0MX4 / N/A | US3137G0MX48 / N/A | |||||
| STACR 2017-DNA1 B-2 | N/A | 3137G0MY2 / N/A | US3137G0MY21 / N/A | |||||
| STACR 2017-HQA1 B-1 | N/A | 3137G0NC9 / N/A | US3137G0NC91 / N/A | |||||
| STACR 2017-HQA1 B-2 | N/A | 3137G0ND7 / N/A | US3137G0ND74 / N/A | |||||
| STACR 2017-DNA2 M-2 | N/A | 3137G0NX3 / N/A | US3137G0NX39 / N/A | - | ||||
| STACR 2017-DNA2 B-2 | N/A | 3137G0PS2 / N/A | US3137G0PS26 / N/A | |||||
| STACR 2017-HQA2 M-2 | N/A | 3137G0PU7 / N/A | US3137G0PU71 / N/A | - | ||||
| STACR 2017-HQA3 M-2 | N/A | 3137G0RL5 / N/A | US3137G0RL54 / N/A | |||||
| STACR 2017-HQA3 B-1 | N/A | 3137G0SE0 / N/A | US3137G0SE03 / N/A | |||||
| STACR 2017-HRP1 M-2 | N/A | 3137G0SN0 / N/A | US3137G0SN02 / N/A | - | ||||
| STACR 2017-HRP1 B-1 | N/A | 3137G0TF6 / N/A | US3137G0TF68 / N/A | |||||
| STACR 2018-DNA1 M-2 | N/A | 3137G0TH2 / N/A | US3137G0TH25 / N/A | |||||
| STACR 2019-DNA2 B-1 | Freddie Mac STACR Trust 2019-DNA2 | 35564LBD8 / N/A | US35564LBD82 / N/A | |||||
| STACR 2020-DNA5 B-1 | Freddie Mac STACR REMIC Trust 2020-DNA5 | 35566ABD0 / U3197PBD9 | US35566ABD00 / USU3197PBD97 | |||||
| STACR 2021-HQA2 M-2 | Freddie Mac STACR REMIC Trust 2021-HQA2 | 35564KFV6 / U3201WFV4 | US35564KFV61 / USU3201WFV47 | |||||
| Total | $967,011,290 | |||||||
- Rounded to the nearest hundredth of a percent.
- For STACR 2017-HQA3 M-2 and STACR 2020-DNA5 B-1, the original principal amount tendered and accepted includes
$1,500,000 and$17,268,000 , respectively, expected to be tendered by guaranteed delivery prior to the Guaranteed Delivery Deadline. The Guaranteed Delivery Deadline is 5:00 p.m., New York City time, on Wednesday, October 16, 2024. - The Original Principal Amount set forth for such Notes in this table does not include the additional portion of such Notes identified in the Offer to Purchase as an Associated Eligible Series of Notes, which, upon the completion of the indicated exchange of the related ineligible securities for such Associated Eligible Series of Notes, would also become eligible to participate in the Offer.
The Settlement Date for the Notes tendered and accepted for purchase in the Offer is expected to occur on Wednesday, October 16, 2024. Any Notes tendered using the Notice of Guaranteed Delivery and accepted for purchase are expected to be purchased on Friday, October 18, 2024, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date.
Wells Fargo Securities, LLC and StoneX Financial Inc. are lead dealer managers, and CastleOak Securities, L.P. is co-dealer manager, for the Offer. For additional information regarding the terms of the Offer, please contact Wells Fargo Securities, LLC at (704) 410-4820 (collect) or (866) 309-6316 (toll-free); or StoneX Financial Inc. at (212) 485-3577 (collect) or (800) 788-4253 (toll-free). Requests for the Offer Documents may be directed to Global Bondholder Services Corporation, as tender agent, at (212) 430-3774 or (855) 654-2015 (toll-free), or by email at contact@gbsc-usa.com.
This announcement does not constitute an invitation to participate in the Offer in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such Offer under applicable securities laws or otherwise. The distribution of materials relating to the Offer, and the transactions contemplated by the Offer, may be restricted by law in certain jurisdictions where it is legal to do so. The Offer is void in all jurisdictions where it is prohibited. If materials relating to the Offer come into your possession, you are required by Freddie Mac to inform yourself of and to observe all of these restrictions. The materials relating to the Offer do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the Offer be made by a licensed broker or dealer and a dealer-manager or any affiliate of a dealer-manager is a licensed broker or dealer in that jurisdiction, the Offer shall be deemed to be made by the dealer-manager or such affiliate on behalf of Freddie Mac in that jurisdiction.
About Freddie Mac Single-Family Credit Risk Transfer
Freddie Mac’s Single-Family CRT programs transfer credit risk away from U.S. taxpayers to global private capital via securities and (re)insurance policies. We founded the GSE Single-Family CRT market when we issued our first Structured Agency Credit Risk (STACR®) notes in July 2013. In November 2013, we introduced our Agency Credit Insurance Structure® (ACIS®) program. Today, CRT serves as the primary source of private capital investment in residential mortgage credit. For specific STACR and ACIS transaction data, please visit Clarity, our CRT data intelligence portal.
About Freddie Mac
Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube.
MEDIA CONTACT: Fred Solomon
703-903-3861
Frederick_Solomon@freddiemac.com
FAQ
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