Fannie Mae gives results for tender offer for 14 CAS notes

By William Gullotti

Buffalo, N.Y., Dec. 12 – Fannie Mae announced the results of its fixed-price tender offer for any and all of certain Connecticut Avenue Securities, according to a press release on Monday.

The offers expired at 5 p.m. ET on Dec. 9.

Overall, $3,834,409,399, or 72.98%, of the $5,254,308,869 total principal balance of notes were tendered in the offer.

The initial $4,826,610,941 principal sum was adjusted after the Dec. 5 announcement to reflect reported exchange activity of RCR notes or exchangeable notes into notes eligible for tender during the offer period. The exchange activity occurred in series 2016-C04 (Cusip: 30711XDA9), series 2017-C02 (Cusip: 30711XGP3), series 2017-C03 (Cusip: 30711XJX3), series 2017-C04 (Cusip: 30711XLT9) and series 2017-C07 (Cusip: 30711XWX8).

The results broken down by series are as follows:

• $423,644,904, or 65.74%, of the $644,467,000 original principal balance of Connecticut Avenue Securities, series 2014-C02, class 1M-2 notes (Cusip: 30711XAF1) were tendered for a consideration of $1,013.13;

• $622,432,226, or 65.87%, of the $945 million original principal balance of Connecticut Avenue Securities, series 2014-C03, class 1M-2 notes (Cusip: 30711XAK0) were tendered for a consideration of $1,019.69;

• $447,258,897, or 68.7%, of the $651,064,000 original principal balance of Connecticut Avenue Securities, series 2015-C04, class 1M-2 notes (Cusip: 30711XBF0) were tendered for a consideration of $1,080;

• $192,467,419, or 49.04%, of the $392,443,000 original principal balance of Connecticut Avenue Securities, series 2015-C04, class 2M-2 notes (Cusip: 30711XBH6) were tendered for a consideration of $1,050;

• $339,216,559, or 56.62%, of the $599,085,000 original principal balance of Connecticut Avenue Securities, series 2016-C02, class 1M-2 notes (Cusip: 30711XCB8) were tendered for a consideration of $1,061.25;

• $196,466,834, or 60.43%, of the $325,095,236 principal balance of Connecticut Avenue Securities, series 2016-C04, class 1M-2 notes (Cusip: 30711XDA9) were tendered for a consideration of $1,052.50;

• $89,309,878, or 77.6%, of the $115,090,715 principal balance of Connecticut Avenue Securities, series 2017-C02, class 2M-2 notes (Cusip: 30711XGP3) were tendered for a consideration of $1,048.13;

• $142,811,246, or 97.83%, of the $145,981,246 principal balance of Connecticut Avenue Securities, series 2017-C03, class 1M-2 notes (Cusip: 30711XJX3) were tendered for a consideration of $1,028.75;

• $427,050,118, or 95.21%, of the $448,544,499 principal balance of Connecticut Avenue Securities, series 2017-C04, class 2M-2 notes (Cusip: 30711XLT9) were tendered for a consideration of $1,029.38;

• $42,444,723, or 93.49%, of the $45,399,723 original principal balance of Connecticut Avenue Securities, series 2017-C05, class 1M-2 notes (Cusip: 30711XNX8) were tendered for a consideration of $1,017.34;

• $290,509,769, or 95.56%, of the $303,996,000 principal balance of Connecticut Avenue Securities, series 2017-C07, class 2M-2 notes (Cusip: 30711XWX8) were tendered for a consideration of $1,022.81;

• $45,185,450, or 82.6%, of the $54,705,450 original principal balance of Connecticut Avenue Securities, series 2018-C03, class 1M-2 notes (Cusip: 30711XJ70) were tendered for a consideration of $1,012.50;

• $352,029,022, or 99.61%, of the $353,406,000 original principal balance of Connecticut Avenue Securities, series 2018-C06, class 1M-2 notes (Cusip: 30711X3H5) were tendered for a consideration of $1,006.25; and

• $223,582,354, or 97.2%, of the $230,031,000 original principal balance of Connecticut Avenue Securities, series 2018-C06, class 2M-2 notes (Cusip: 30711X5R1) were tendered for a consideration of $1,010.

As previously reported, all considerations are based on $1,000 notes.

Interest will also be paid to the settlement date.

Settlement remains expected for Dec. 13.

There are guaranteed delivery procedures. Settlement for the $310,443,315 of notes tendered via guaranteed delivery remains expected for Dec. 14.

BofA Securities is the lead dealer manager (888 292-0070, 980 387-3907) and Wells Fargo Securities is the designated dealer manager (866 309-6316, 704 410-4756).

Great Pacific Securities and Siebert Williams Shank & Co., LLC have been engaged as advisers on the transaction.

Global Bondholder Services Corp. will be the tender agent and information agent (855 654-2015, 212 430-3774, contact@gbsc-usa.com, https://www.gbsc-usa.com/FannieMae/).

Fannie Mae provides funds to mortgage bankers and other lenders to be used in loans to homebuyers.

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