Freddie Mac Announces Results of Tender Offer for Certain STACR Notes
Freddie Mac (OTCQB: FMCC) has announced the results of its tender offer to purchase Structured Agency Credit Risk (STACR) Notes. As of February 7, 2025, approximately $1.3 billion aggregate original principal amount of Notes had been validly tendered and not properly withdrawn.
The tender offer included multiple classes of Notes from various STACR trusts, with acceptance rates ranging from 46.12% to 100%. Notable transactions include $455.2 million from STACR 2022-HQA1 M-1B (92.71% acceptance) and $361.1 million from STACR 2022-DNA1 M-1A (75.55% acceptance).
The Settlement Date is expected on February 11, 2025, with guaranteed delivery settlements occurring on February 13, 2025. BofA Securities and Morgan Stanley are serving as lead dealer managers, with Academy Securities as co-dealer manager.
Freddie Mac (OTCQB: FMCC) ha annunciato i risultati della sua offerta di acquisto per le Note di Rischio di Credito delle Agenzie Strutturate (STACR). A partire dal 7 febbraio 2025, circa 1,3 miliardi di dollari dell'importo originale totale delle Note erano state valide e non ritirate correttamente.
L'offerta includeva più classi di Note provenienti da vari trust STACR, con tassi di accettazione che variavano dal 46,12% al 100%. Tra le transazioni degne di nota vi sono 455,2 milioni di dollari da STACR 2022-HQA1 M-1B (accettazione del 92,71%) e 361,1 milioni di dollari da STACR 2022-DNA1 M-1A (accettazione del 75,55%).
La Data di Liquidazione è prevista per l'11 febbraio 2025, con le liquidazioni di consegna garantita che avverranno il 13 febbraio 2025. BofA Securities e Morgan Stanley sono i principali gestori di offerta, con Academy Securities come co-gestore di offerta.
Freddie Mac (OTCQB: FMCC) ha anunciado los resultados de su oferta de compra para las Notas de Riesgo de Crédito de Agencia Estructurada (STACR). A partir del 7 de febrero de 2025, aproximadamente 1.3 mil millones de dólares del monto principal original de las Notas habían sido debidamente ofrecidos y no retirados correctamente.
La oferta incluía múltiples clases de Notas de varios fideicomisos STACR, con tasas de aceptación que oscilaban entre el 46.12% y el 100%. Transacciones notables incluyen 455.2 millones de dólares de STACR 2022-HQA1 M-1B (aceptación del 92.71%) y 361.1 millones de dólares de STACR 2022-DNA1 M-1A (aceptación del 75.55%).
Se espera que la Fecha de Liquidación sea el 11 de febrero de 2025, con liquidaciones de entrega garantizada que ocurrirán el 13 de febrero de 2025. BofA Securities y Morgan Stanley están actuando como administradores principales de oferta, con Academy Securities como co-administrador de oferta.
프레디 맥 (OTCQB: FMCC)은 구조화된 기관 신용 위험(STACR) 노트 구매를 위한 입찰 결과를 발표했습니다. 2025년 2월 7일 기준으로 약 13억 달러의 총 원금 금액이 유효하게 제출되었고 적절하게 철회되지 않았습니다.
입찰 제안에는 다양한 STACR 신탁의 여러 클래스 노트가 포함되었으며, 수용률은 46.12%에서 100%까지 다양했습니다. 주목할 만한 거래로는 4억 5,520만 달러의 STACR 2022-HQA1 M-1B (92.71% 수용률)와 3억 6,110만 달러의 STACR 2022-DNA1 M-1A (75.55% 수용률)가 있습니다.
청산일은 2025년 2월 11일로 예정되어 있으며, 보장된 인도 청산은 2025년 2월 13일에 진행될 예정입니다. BofA 증권과 모건 스탠리가 주관 딜러 매니저로 활동하며, 아카데미 증권이 공동 딜러 매니저로 있습니다.
Freddie Mac (OTCQB: FMCC) a annoncé les résultats de son offre publique d'achat pour les Obligations de Risque de Crédit des Agences Structurées (STACR). Au 7 février 2025, environ 1,3 milliard de dollars du montant principal original des Obligations avaient été valablement soumises et non correctement retirées.
L'offre incluait plusieurs classes d'Obligations provenant de différents trusts STACR, avec des taux d'acceptation allant de 46,12 % à 100 %. Parmi les transactions notables, on trouve 455,2 millions de dollars de STACR 2022-HQA1 M-1B (acceptation de 92,71 %) et 361,1 millions de dollars de STACR 2022-DNA1 M-1A (acceptation de 75,55 %).
La date de règlement est prévue pour le 11 février 2025, avec des règlements de livraison garantie qui auront lieu le 13 février 2025. BofA Securities et Morgan Stanley servent de gestionnaires principaux, avec Academy Securities en tant que co-gestionnaire.
Freddie Mac (OTCQB: FMCC) hat die Ergebnisse seines Angebots zur Erwerb der strukturierten Agentur-Kreditrisiko-Anleihen (STACR) bekannt gegeben. Stand 7. Februar 2025 waren etwa 1,3 Milliarden US-Dollar des ursprünglichen Gesamtbetrags gültig angeboten und nicht ordnungsgemäß zurückgezogen worden.
Das Angebot umfasste mehrere Klassen von Anleihen aus verschiedenen STACR-Trusts, wobei die Annahmequoten zwischen 46,12% und 100% lagen. Bemerkenswerte Transaktionen umfassen 455,2 Millionen US-Dollar von STACR 2022-HQA1 M-1B (92,71% Annahme) und 361,1 Millionen US-Dollar von STACR 2022-DNA1 M-1A (75,55% Annahme).
Das Abwicklungsdatum wird am 11. Februar 2025 erwartet, wobei die garantierten Lieferungssiedlungen am 13. Februar 2025 erfolgen sollen. BofA Securities und Morgan Stanley fungieren als Hauptdealermanager, während Academy Securities als Co-Dealer-Manager tätig ist.
- Strong participation with $1.3 billion in notes tendered
- High acceptance rates across most note classes (up to 100%)
- Successful execution of debt management strategy
- Lower acceptance rates in some note classes (STACR 2021-DNA3 M-2 at 46.12%)
MCLEAN, Va., Feb. 10, 2025 (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”). Each of the classes of Notes subject to the Offer was issued by the applicable STACR trust 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 February 3, 2025 (the “Offer to Purchase”) and related Notice of Guaranteed Delivery dated February 3, 2025 (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, February 7, 2025 (the “Expiration Time”), approximately
| Title of Security | STACR Trust | 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 2019-HQA2 B-1 | Freddie Mac STACR Trust 2019-HQA2 | 35564MBD6/ N/A | US35564MBD65/ N/A | |||||
| STACR 2019-HQA3 M-2 | Freddie Mac STACR Trust 2019-HQA3 | 35564XAH4/ N/A | US35564XAH44/ N/A | |||||
| STACR 2020-DNA2 M-2 | Freddie Mac STACR REMIC Trust 2020-DNA2 | 35565KAH1/ U3198RAH6 | US35565KAH14/ USU3198RAH67 | |||||
| STACR 2020-DNA4 B-1 | Freddie Mac STACR REMIC Trust 2020-DNA4 | 35565XBD1/ U3197MBD6 | US35565XBD12/ USU3197MBD66 | |||||
| STACR 2021-DNA1 M-2 | Freddie Mac STACR REMIC Trust 2021-DNA1 | 35564KAH2/ U3201WAH0 | US35564KAH23/ USU3201WAH08 | |||||
| STACR 2021-DNA2 M-2 | Freddie Mac STACR REMIC Trust 2021-DNA2 | 35564KDB2/ U3201WDB0 | US35564KDB26/ USU3201WDB01 | |||||
| STACR 2021-DNA3 M-2 | Freddie Mac STACR REMIC Trust 2021-DNA3 | 35564KEL9/ U3201WEL7 | US35564KEL98/ USU3201WEL73 | |||||
| STACR 2022-DNA1 M-1A | Freddie Mac STACR REMIC Trust 2022-DNA1 | 35564KPU7/ U3201WPU5 | US35564KPU78/ USU3201WPU53 | |||||
| STACR 2022-DNA1 M-1B | Freddie Mac STACR REMIC Trust 2022-DNA1 | 35564KPV5/ U3201WPV3 | US35564KPV51/ USU3201WPV37 | |||||
| STACR 2022-HQA1 M-1B | Freddie Mac STACR REMIC Trust 2022-HQA1 | 35564KTB5/ U3201WTB3 | US35564KTB51/ USU3201WTB37 | |||||
| Total | $1,328,101,868 | |||||||
- Rounded to the nearest hundredth of a percent.
- For STACR 2020-DNA2 M-2, STACR 2021-DNA1 M-2, STACR 2021-DNA2 M-2, STACR 2021-DNA3 M-2, STACR 2022-DNA1 M-1A and STACR 2022-DNA1 M-1B the original principal amount tendered and accepted includes
$1,500,000 ,$1,110,000 ,$4,302,000 ,$780,000 ,$20,183,000 and$22,320,000 , 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 Tuesday, February 11, 2025.
The Settlement Date for the Notes tendered and accepted for purchase in the Offer is expected to occur on Tuesday, February 11, 2025. Any Notes tendered using the Notice of Guaranteed Delivery and accepted for purchase are expected to be purchased on Thursday, February 13, 2025, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date.
BofA Securities, Inc. and Morgan Stanley & Co. LLC 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 BofA Securities, Inc. at (980) 387-3907 or (888) 292-0070 (toll-free); or Morgan Stanley & Co. LLC at (212) 761-1057 (collect) or (800) 624-1808 (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 and affordability 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
What is the total value of STACR Notes tendered in Freddie Mac's (FMCC) February 2025 offer?
When is the settlement date for FMCC's STACR Notes tender offer?
Which STACR Note class had the highest acceptance rate in FMCC's tender offer?
Who are the dealer managers for FMCC's STACR Notes tender offer?
