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Fannie Mae Announces Tender Offer for Any and All of Certain CAS Notes

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Fannie Mae (FNMA/OTCQB) has announced fixed-price cash tender offers for the purchase of certain CAS Notes, listing material pricing terms. The Offers will expire on April 26, 2024, with a Settlement Date expected on April 30, 2024. Holders must tender their Notes by the Expiration Time to be eligible for the Tender Offer Consideration.
Fannie Mae (FNMA/OTCQB) ha annunciato offerte di acquisto a prezzo fisso per alcune note CAS, indicando i termini significativi di prezzo. Le offerte scadranno il 26 aprile 2024, con una data di regolamento prevista per il 30 aprile 2024. I detentori devono presentare le loro note entro il tempo di scadenza per essere eleggibili alla considerazione dell'offerta di acquisto.
Fannie Mae (FNMA/OTCQB) ha anunciado ofertas de compra en efectivo a precio fijo para ciertas notas CAS, listando los términos de precios significativos. Las ofertas expirarán el 26 de abril de 2024, con una fecha de liquidación prevista para el 30 de abril de 2024. Los tenedores deben entregar sus notas antes del tiempo de expiración para ser elegibles para la Consideración de la Oferta de Compra.
패니 메이(FNMA/OTCQB)는 일부 CAS 노트의 매입을 위한 고정가 현금 텐더 오퍼를 발표하였으며, 중요 가격 조건들을 명시하였습니다. 오퍼는 2024년 4월 26일에 만료되며, 결제 예정일은 2024년 4월 30일입니다. 보유자는 텐더 오퍼 고려 사항에 대해 자격을 얻기 위해 만료 시간까지 노트를 제출해야 합니다.
Fannie Mae (FNMA/OTCQB) a annoncé des offres d'achat en espèces à prix fixe pour certaines notes CAS, en indiquant les termes de prix importants. Les offres expireront le 26 avril 2024, avec une date de règlement prévue pour le 30 avril 2024. Les détenteurs doivent soumettre leurs notes avant l'heure d'expiration pour être éligibles à la considération de l'offre d'achat.
Fannie Mae (FNMA/OTCQB) hat Festpreis-Barkaufangebote für bestimmte CAS-Anleihen angekündigt und dabei die wesentlichen Preisbedingungen aufgeführt. Die Angebote laufen am 26. April 2024 ab, mit einem erwarteten Abwicklungstermin am 30. April 2024. Inhaber müssen ihre Anleihen bis zum Ablaufzeitpunkt einreichen, um für die Angebotsvergütung in Frage zu kommen.
Positive
  • Fannie Mae (FNMA/OTCQB) commences fixed-price cash tender offers for CAS Notes.
  • The Offers will expire on April 26, 2024, with a Settlement Date expected on April 30, 2024.
  • Holders must tender their Notes by the Expiration Time to be eligible for the Tender Offer Consideration.
Negative
  • None.

WASHINGTON, April 22, 2024 /PRNewswire/ -- Fannie Mae (FNMA/OTCQB) today announced that it has commenced fixed-price cash tender offers (each, an "Offer" and, collectively, the "Offers") for the purchase of any and all of the Connecticut Avenue Securities® (CAS) Notes listed below (the "Notes"), upon the terms and subject to the conditions set forth in the Offer to Purchase and related Notice of Guaranteed Delivery, each dated as of April 22, 2024 (collectively, the "Offer Documents"). Certain of the classes of Notes subject to the Offers were issued by the REMIC trusts identified in the table below (each, a "Trust"). Fannie Mae is the holder of the owner certificate issued by each Trust and, as a result, the sole beneficial owner of each Trust. The Offers will expire at 5:00 PM New York City time on Friday, April 26, 2024 (the "Expiration Time") unless extended or earlier terminated. Notes tendered may be withdrawn at any time at or before the Expiration Time by following the procedures described in the Offer Documents.

Fannie Mae has engaged BofA Securities as the designated lead dealer manager and Wells Fargo Securities as the designated dealer manager for the Offers. Fannie Mae has engaged Minority and Service-Disabled Veteran-owned Academy Securities, Inc. and Service-Disabled Veteran-owned Drexel Hamilton, LLC as advisors on the transaction. Global Bondholder Services Corporation will serve as the tender agent and information agent for the Offers. Fannie Mae is offering to purchase, subject to the conditions of the Offers, any and all of the Notes listed in the table below.

The following table summarizes the material pricing terms of the Offers.

Name of Security

REMIC Trust (if
applicable)

CUSIP

ISIN

Original Principal
Balance*

Tender Offer 
Consideration (per
$1,000 original
principal amount)

Connecticut Avenue Securities,
Series 2017-C01, Class 1B-1
Notes

N/A

30711XEQ3

US30711XEQ34

$126,754,000.00

$1,132.50

Connecticut Avenue Securities,
Series 2017-C02, Class 2B-1
Notes

N/A

30711XGQ1

 US30711XGQ16

$107,914,000.00

$1,127.50

Connecticut Avenue Securities,
Series 2018-R07, Class 1B-1
Notes

Connecticut Avenue
Securities Trust 2018-
R07

20753QAF6

 US20753QAF63

$172,854,000.00

$1,091.25

Connecticut Avenue Securities, 
Series 2019-R01, Class 2B-1
Notes

Connecticut Avenue
Securities Trust 2019-
R01

20754FAL6

 US20754FAL67

$186,724,000.00

$1,090.00

Connecticut Avenue Securities, 
Series 2019-R02, Class 1B-1
Notes

Connecticut Avenue
Securities Trust 2019-
R02

20753KAF9

 US20753KAF93

$187,956,000.00

$1,071.25

Connecticut Avenue Securities,
Series 2020-R01, Class 1M-2
Notes

Connecticut Avenue
Securities Trust 2020-
R01

20754CAB5

US20754CAB54

$523,509,000.00

$1,025.00

Connecticut Avenue Securities, 
Series 2020-R02, Class 2M-2 
Notes

Connecticut Avenue
Securities Trust 2020-
R02

20754WAB1

US20754WAB19

$559,647,000.00

$1,018.75





$1,865,358,000.00


 

*Represents the aggregate original principal amount of the applicable Class issued on the issue date thereof, less the aggregate original principal amount of such Class repurchased by the Company pursuant to one or more prior tender offers, if applicable. Does not include the original principal balance of the ineligible securities.

Holders must validly tender their Notes at or before the Expiration Time in order to be eligible to receive the Tender Offer Consideration, which will incorporate the monthly Certificate Percentages available on April 25, 2024.  In addition, holders whose Notes are purchased in the Offers 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. Fannie Mae expects the Settlement Date to occur on April 30, 2024. Any Notes tendered using the Notice of Guaranteed Delivery and accepted for purchase are expected to be purchased on May 1, 2024, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date.

Information on tendering the Notes is set forth in the Offer Documents. Holders of the Notes who would like copies of the Offer Documents may contact the tender agent for the Offers, Global Bondholder Services Corporation, at (855) 654-2015 (toll free) or (212) 430-3774 (banks and brokers) or contact@gbsc-usa.com. Copies of the Offer Documents are available at the following website: https://www.gbsc-usa.com/FannieMae/. Any questions regarding the terms of the Offers should be directed to BofA Securities, Inc. at (888) 292-0070 (toll free) or (980) 387-3907 (collect) or Wells Fargo Securities, LLC at (866) 309-6316 (toll free) or (704) 410-4820 (collect).

This release includes forward-looking statements, including statements relating to the timing and expected settlement and closing of the purchase of the Notes in a tender offer. These forward-looking statements are based on Fannie Mae's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may turn out to be different from these statements. Factors that may lead to different results are discussed in "Risk Factors," "Forward-Looking Statements," and elsewhere in the Offer Documents and the documents incorporated by reference therein. All forward-looking statements are made as of the date of this press release, and Fannie Mae assumes no obligation to update this information.  

Related Link:

CAS Notes Tender Offer Frequently Asked Questions

About Fannie Mae

Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/news

Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae, including the Notes. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase or sale of securities referred to herein must be made solely on the basis of information contained in the Offer Documents, and no reliance may be placed on the completeness or accuracy of the information contained in this press release. The Offers are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Company by BofA Securities, Inc. or Wells Fargo Securities, LLC (as applicable) or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. 

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor. 

Connecticut Avenue Securities is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

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SOURCE Fannie Mae

FAQ

What did Fannie Mae announce regarding CAS Notes?

Fannie Mae announced fixed-price cash tender offers for the purchase of any and all of the Connecticut Avenue Securities® (CAS) Notes.

When will the Offers expire?

The Offers will expire at 5:00 PM New York City time on Friday, April 26, 2024.

What is the expected Settlement Date?

Fannie Mae expects the Settlement Date to occur on April 30, 2024.

How can holders be eligible for the Tender Offer Consideration?

Holders must validly tender their Notes at or before the Expiration Time to be eligible for the Tender Offer Consideration.

Who are the designated lead dealer manager and dealer manager for the Offers?

BofA Securities is the designated lead dealer manager, and Wells Fargo Securities is the designated dealer manager for the Offers.

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