Freddie Mac Announces Tender Offer for Any and All of Certain STACR Notes
Freddie Mac (OTCQB: FMCC) has announced a fixed-price cash tender offer for the purchase of any and all of certain STACR® (Structured Agency Credit Risk) Notes. The offer begins on August 29, 2024, and expires at 5 p.m. New York City time on September 5, 2024, unless extended. Freddie Mac has engaged Citigroup Global Markets Inc. and BofA Securities, Inc. as lead dealer managers and Academy Securities, Inc. as co-dealer manager for the offer.
The tender offer includes various STACR Notes with original principal amounts ranging from $20 million to $447 million. The Tender Offer Consideration per $1,000 original principal amount varies from $1,001.50 to $1,160.00, depending on the specific Note. Holders who tender their Notes will receive accrued and unpaid interest. The expected Settlement Date is September 9, 2024.
Freddie Mac (OTCQB: FMCC) ha annunciato un'offerta pubblica di acquisto a prezzo fisso per l'acquisto di tutti e di alcuni Certificati STACR® (Structured Agency Credit Risk). L'offerta inizia il 29 agosto 2024 e scade alle 17:00 ora di New York il 5 settembre 2024, salvo proroghe. Freddie Mac ha affidato il ruolo di lead dealer manager a Citigroup Global Markets Inc. e BofA Securities, Inc. e a Academy Securities, Inc. come co-dealer manager per l'offerta.
L'offerta include vari Certificati STACR con importi di capitale originale che vanno da 20 milioni a 447 milioni di dollari. Il corrispettivo dell'offerta tender per ogni $1.000 di capitale originale varia da $1.001,50 a $1.160,00, a seconda del Certificato specifico. I detentori che presentano i loro Certificati riceveranno gli interessi maturati e non pagati. La data di regolamento prevista è 9 settembre 2024.
Freddie Mac (OTCQB: FMCC) ha anunciado una oferta de compra en efectivo a precio fijo para la adquisición de todos y algunos de ciertos Bonos STACR® (Structured Agency Credit Risk). La oferta comienza el 29 de agosto de 2024 y expira a las 5 p.m., hora de Nueva York, el 5 de septiembre de 2024, a menos que se extienda. Freddie Mac ha contratado a Citigroup Global Markets Inc. y BofA Securities, Inc. como gestores principales de la oferta y a Academy Securities, Inc. como co-gestor.
La oferta incluye varios Bonos STACR con montos de capital originales que van desde 20 millones hasta 447 millones de dólares. La consideración de la oferta por cada $1,000 de capital original varía entre $1,001.50 y $1,160.00, dependiendo del Bono específico. Los tenedores que ofrezcan sus Bonos recibirán intereses acumulados y no pagados. La fecha de liquidación prevista es el 9 de septiembre de 2024.
프레디 맥(Freddie Mac)(OTCQB: FMCC)은 특정 STACR®(Structured Agency Credit Risk) 노트의 전량 매입을 위한 고정가 현금 입찰 공고를 발표했습니다. 이 제안은 2024년 8월 29일에 시작되며, 2024년 9월 5일 오후 5시(뉴욕 시간)에 만료됩니다. 연장이 없는 경우입니다. 프레디 맥은 씨티그룹 글로벌 마켓(Citigroup Global Markets Inc.)과 BofA 증권(BofA Securities, Inc.)을 주요 판매 관리자, 아카데미 증권(Academy Securities, Inc.)을 공동 판매 관리자로 지정했습니다.
이 입찰 제안에는 원금이 2천만 달러에서 4억 4천7백만 달러에 이르는 다양한 STACR 노트가 포함되어 있습니다. 각 $1,000의 원금에 대한 입찰 제안 금액은 특정 노트에 따라 $1,001.50에서 $1,160.00까지 다릅니다. 노트를 제출하는 보유자는 발생된 미지급 이자를 받을 수 있습니다. 예정된 정산일은 2024년 9월 9일입니다.
Freddie Mac (OTCQB: FMCC) a annoncé une offre d'achat en espèces à prix fixe pour l'achat de tous et certains Bons STACR® (Structured Agency Credit Risk). L'offre commence le 29 août 2024 et expire à 17h heure de New York le 5 septembre 2024, à moins qu'elle ne soit prolongée. Freddie Mac a retenu Citigroup Global Markets Inc. et BofA Securities, Inc. comme gestionnaires intermédiaires principaux et Academy Securities, Inc. comme co-gestionnaire pour l'offre.
L'offre d'achat comprend divers Bons STACR dont les montants de capital d'origine varient de 20 millions à 447 millions de dollars. La considération de l'offre d'achat par tranche de 1 000 dollars de capital d'origine varie de 1 001,50 à 1 160,00 dollars, selon le Bon spécifique. Les détenteurs qui proposent leurs Bons recevront les intérêts courus et non payés. La date de règlement prévue est le 9 septembre 2024.
Freddie Mac (OTCQB: FMCC) hat ein Festpreis-Cash-Angebot für den Kauf aller und bestimmter STACR® (Structured Agency Credit Risk) Anleihen angekündigt. Das Angebot beginnt am 29. August 2024 und endet um 17:00 Uhr New Yorker Zeit am 5. September 2024, sofern es nicht verlängert wird. Freddie Mac hat Citigroup Global Markets Inc. und BofA Securities, Inc. als Hauptverwalter und Academy Securities, Inc. als Co-Verwalter für das Angebot engagiert.
Das Angebot umfasst verschiedene STACR-Anleihen mit ursprünglichen Hauptbeträgen von 20 Millionen bis 447 Millionen Dollar. Der Gebotsbetrag pro 1.000 Dollar ursprünglichem Kapital variiert je nach spezifischer Anleihe von 1.001,50 bis 1.160,00 Dollar. Inhaber, die ihre Anleihen einreichen, erhalten aufgelaufene und nicht gezahlte Zinsen. Das voraussichtliche Abrechnungsdatum ist der 9. September 2024.
- Opportunity for noteholders to liquidate their investment at a premium
- Potential reduction in Freddie Mac's outstanding debt obligations
- Demonstrates Freddie Mac's active management of its credit risk transfer program
- Potential reduction in future interest income for noteholders who tender their Notes
- Possible decrease in available STACR Notes in the market, potentially affecting liquidity
MCLEAN, Va., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced that it has commenced a fixed-price cash tender offer (the “Offer”) for the purchase of any and all of the STACR® (Structured Agency Credit Risk) Notes listed in the table below (the “Notes”) beginning Thursday, August 29, 2024. Certain of the classes of Notes subject to the Offer were issued by the 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.
Freddie Mac has engaged Citigroup Global Markets Inc. and BofA Securities, Inc. as lead dealer managers (the “Lead Dealer Managers”) and Academy Securities, Inc. as co-dealer manager (the “Co-Dealer Manager” and, collectively with the Lead Dealer Managers, the “Dealer Managers”) for the Offer. Freddie Mac is offering to purchase any and all of the Notes listed. The applicable Total Consideration to be paid by Freddie Mac to holders that tender Notes accepted for purchase pursuant to the Offer will be calculated based on the original principal amount of such tendered and accepted Notes, the applicable factor, and the applicable Tender Offer Consideration identified in the table below, plus any accrued and unpaid interest under the applicable Debt Agreement or Indenture upon the terms and subject to the conditions set forth in the Offer to Purchase dated August 29, 2024 (as amended from time to time, the “Offer to Purchase”) and related Notice of Guaranteed Delivery dated August 29, 2024 (collectively with the Offer to Purchase, the “Offer Documents”). Capitalized terms used and not otherwise defined herein will have the meaning ascribed to such terms in the Offer to Purchase.
The tender offer period will commence on Thursday, August 29, 2024, and expire at 5 p.m. New York City time on Thursday, September 5, 2024 (the “Expiration Time”), unless extended. Holders must validly tender their Notes at or prior to the Expiration Time. Notes validly tendered may be withdrawn at any time at or prior to 5 p.m., New York City time, on Thursday, September 5, 2024, unless extended by Freddie Mac, but not thereafter (except in certain limited circumstances where additional withdrawal rights are granted by Freddie Mac or otherwise required by law).
Holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Settlement Date (as defined in the Offer to Purchase) for the Notes. Freddie Mac expects the Settlement Date 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.
| Title of Security | STACR Trust (if applicable) | CUSIP Number (U.S. / Regulation S) | ISIN Number (U.S. / Regulation S) | Original Principal Amount | Tender Offer Consideration (per original principal amount) |
| 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 | ||
This announcement is neither an offer to buy nor a solicitation of offers to buy any of these securities. None of Freddie Mac, the Dealer Managers, or the Information Agent make any recommendation that any holder of the securities tender or refrain from tendering all or any portion of the original principal amount of such holder’s securities. Holders must make their own decisions whether to tender securities, and if so, decide on the original principal amount of securities to tender.
The Offer is being made only upon the terms and subject to the conditions set forth in the Offer Documents. Copies of the Offer Documents may be obtained on Freddie Mac’s website at https://capitalmarkets.freddiemac.com/crt/securities or from the Information Agent for the Offer, Global Bondholder Services Corporation’s website at https://www.gbsc-usa.com/FreddieMac, or by calling (212) 430-3774 or (855) 654-2015 (toll-free). Questions regarding the Offer may be directed to Citigroup Global Markets Inc. at (212) 723-6106 or (800) 558-3745 (toll-free); BofA Securities, Inc. at (980) 387-3907 or (888) 292-0070 (toll-free); or Global Bondholder Services Corporation, as tender agent, at (212) 430-3774 or (855) 654-2015 (toll-free).
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 | LinkedIn | Facebook |X | Instagram | YouTube
MEDIA CONTACT: Fred Solomon
703-903-3861
Frederick_Solomon@freddiemac.com
FAQ
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What is the range of Tender Offer Consideration for Freddie Mac's (FMCC) STACR Notes?
