Freddie Mac Announces Results of Tender Offer for Certain STACR Notes
Freddie Mac (OTCQB: FMCC) has announced the results of its tender offer for certain STACR® (Structured Agency Credit Risk) Notes. As of September 5, 2024, approximately $1.3 billion aggregate original principal amount of Notes had been validly tendered and not properly withdrawn. The offer was conducted in accordance with the conditions set forth in the Offer to Purchase dated August 29, 2024.
The settlement date for the accepted Notes is expected to be September 9, 2024. Any Notes tendered using the Notice of Guaranteed Delivery are expected to be purchased on September 11, 2024. Citigroup Global Markets Inc. and BofA Securities, Inc. are lead dealer managers, while Academy Securities, Inc. is co-dealer manager for the offer.
Freddie Mac (OTCQB: FMCC) ha annunciato i risultati della sua offerta di acquisto per alcune Note STACR® (Structured Agency Credit Risk). A partire dal 5 settembre 2024, circa 1,3 miliardi di dollari di importo principale originale delle Note erano state validamente presentate e non correttamente ritirate. L'offerta è stata condotta in conformità con le condizioni stabilite nell'Offerta d'Acquisto datata 29 agosto 2024.
La data di regolamento per le Note accettate è prevista per il 9 settembre 2024. Qualsiasi Nota presentata utilizzando l'Avviso di Consegna Garantita è prevista per l'acquisto il 11 settembre 2024. Citigroup Global Markets Inc. e BofA Securities, Inc. sono i principali gestori dell'offerta, mentre Academy Securities, Inc. è co-gestore dell'offerta.
Freddie Mac (OTCQB: FMCC) ha anunciado los resultados de su oferta de compra para ciertos Bonos STACR® (Structured Agency Credit Risk). A partir del 5 de septiembre de 2024, aproximadamente 1.3 mil millones de dólares de monto principal original de los Bonos había sido válidamente presentado y no retirado correctamente. La oferta se realizó de acuerdo con las condiciones establecidas en la Oferta de Compra fechada el 29 de agosto de 2024.
La fecha de liquidación para los Bonos aceptados se espera que sea el 9 de septiembre de 2024. Cualquier Bono presentado utilizando el Aviso de Entrega Garantizada se espera que sea comprado el 11 de septiembre de 2024. Citigroup Global Markets Inc. y BofA Securities, Inc. son los principales gestores, mientras que Academy Securities, Inc. es el co-gestor de la oferta.
프레디 맥(Freddie Mac)(OTCQB: FMCC)은 특정 STACR®(구조적 기관 신용 위험) 노트에 대한 입찰 결과를 발표했습니다. 2024년 9월 5일 현재, 약 13억 달러의 원래 원금 총액에 해당하는 노트가 유효하게 제출되었으며 정상적으로 철회되지 않았습니다. 이번 제안은 2024년 8월 29일 자로 발행된 구매 제안서에 명시된 조건에 따라 진행되었습니다.
수락된 노트의 정산일은 2024년 9월 9일로 예상됩니다. 보장된 배송 통지를 사용하여 제출된 모든 노트는 2024년 9월 11일에 구매될 것으로 예상됩니다. Citigroup Global Markets Inc.와 BofA Securities, Inc.가 주요 거래 관리자이며, Academy Securities, Inc.가 제안의 공동 거래 관리자입니다.
Freddie Mac (OTCQB: FMCC) a annoncé les résultats de son offre d'achat pour certaines obligations STACR® (Structured Agency Credit Risk). Au 5 septembre 2024, environ 1,3 milliard de dollars de montant principal d'origine des obligations avaient été valablement soumises et non correctement retirées. L'offre a été réalisée conformément aux conditions énoncées dans l'Offre d'Achat datée du 29 août 2024.
La date de règlement pour les obligations acceptées devrait être le 9 septembre 2024. Toutes les obligations soumises par l'intermédiaire de l'Avis de Livraison Garantit devraient être achetées le 11 septembre 2024. Citigroup Global Markets Inc. et BofA Securities, Inc. sont les principaux gestionnaires de l'offre, tandis qu'Academy Securities, Inc. est le co-gestionnaire de l'offre.
Freddie Mac (OTCQB: FMCC) hat die Ergebnisse seines Angebots zum Kauf bestimmter STACR® (Structured Agency Credit Risk) Anleihen bekannt gegeben. Am 5. September 2024 wurden etwa 1,3 Milliarden Dollar des ursprünglichen Gesamtbetrags der Anleihen gültig angeboten und nicht ordnungsgemäß zurückgezogen. Das Angebot wurde gemäß den Bedingungen durchgeführt, die im Kaufangebot vom 29. August 2024 festgelegt wurden.
Das Abrechnungsdatum für die akzeptierten Anleihen wird voraussichtlich der 9. September 2024 sein. Anleihen, die mit der Garantierten Liefermitteilung angeboten wurden, sollen voraussichtlich am 11. September 2024 gekauft werden. Citigroup Global Markets Inc. und BofA Securities, Inc. sind die verantwortlichen Hauptverwalter, während Academy Securities, Inc. Co-Verwalter des Angebots ist.
- Successful tender offer with approximately $1.3 billion aggregate original principal amount of Notes tendered
- High acceptance rates for most Note classes, with several reaching 100% of original principal amount tendered and accepted
- Potential improvement in Freddie Mac's balance sheet structure through the repurchase of these Notes
- Potential cash outflow to settle the tender offer, which could impact short-term liquidity
MCLEAN, Va., Sept. 06, 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 August 29, 2024 (the “Offer to Purchase”) and related Notice of Guaranteed Delivery dated August 29, 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 Thursday, September 5, 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-DNA4 M-3 | N/A | 3137G0LJ6 / N/A | US3137G0LJ62 / N/A | |||||
| STACR 2017-HQA1 M-2 | N/A | 3137G0NE5 / N/A | US3137G0NE57 / N/A | |||||
| STACR 2017-HRP1 M-2D | N/A | 3137G0ST7 / N/A | US3137G0ST71 / N/A | |||||
| STACR 2018-HQA2 M-2 | Freddie Mac STACR Trust 2018-HQA2 | 35563XAH5 / N/A | US35563XAH52 / N/A | |||||
| STACR 2019-HQA1 B-1 | Freddie Mac STACR Trust 2019-HQA1 | 35563MBD7 / N/A | US35563MBD74 / N/A | |||||
| STACR 2019-HRP1 B-1 | Freddie Mac STACR Trust 2019-HRP1 | 35564RCB8 / N/A | US35564RCB87 / N/A | |||||
| STACR 2020-DNA1 B-1 | Freddie Mac STACR REMIC Trust 2020-DNA1 | 35565HBD6 / U3198MBD5 | US35565HBD61 / USU3198MBD57 | |||||
| STACR 2020-DNA2 B-1 | Freddie Mac STACR REMIC Trust 2020-DNA2 | 35565KBD9 / U3198RBD4 | US35565KBD90 / USU3198RBD45 | |||||
| STACR 2020-DNA4 B-1 | Freddie Mac STACR REMIC Trust 2020-DNA4 | 35565XBD1 / U3197MBD6 | US35565XBD12 / USU3197MBD66 | |||||
| STACR 2020-HQA2 B-1 | Freddie Mac STACR REMIC Trust 2020-HQA2 | 35565LBD7 / U3197GBD9 | US35565LBD73 / USU3197GBD98 | |||||
| STACR 2020-HQA4 B-1 | Freddie Mac STACR REMIC Trust 2020-HQA4 | 35565RBD4 / U3197JBD3 | US35565RBD44 / USU3197JBD38 | |||||
| STACR 2021-HQA3 M-1 | Freddie Mac STACR REMIC Trust 2021-HQA3 | 35564KJG5 / U3201WJG3 | US35564KJG58 / USU3201WJG34 | |||||
| Total | $1,348,748,735 | |||||||
1 Rounded to the nearest hundredth of a percent.
2 For STACR 2019-HQA1 B-1, STACR 2020-DNA4 B-1, STACR 2020-HQA2 B-1, STACR 2020-HQA4 B-1 and STACR 2021-HQA3 M-1, the original principal amount tendered and accepted includes
The Settlement Date for the Notes tendered and accepted for purchase in the Offer is expected to occur on Monday, September 9, 2024. Any Notes tendered using the Notice of Guaranteed Delivery and accepted for purchase are expected to be purchased on Wednesday, September 11, 2024, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date.
Citigroup Global Markets Inc. and BofA Securities, Inc. are lead dealer managers, and Academy Securities, Inc. is co-dealer manager, for the Offer. For additional information regarding the terms of the Offer, please contact Citigroup Global Markets Inc. at (212) 723-6106 or (800) 558-3745 (toll-free); or BofA Securities, Inc. at (980) 387-3907 or (888) 292-0070 (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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