Fannie Mae - Federal National Mortgage Association
07/01/2022 | Press release | Distributed by Public on 07/01/2022 08:01
Fannie Mae Announces Results of Tender Offer for Any and All of Certain CAS Debt Notes
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) today announced the results of its fixed-price cash tender offers (each, an "Offer" and, collectively, the "Offers") for any and all of certain Connecticut Avenue Securities® (CAS) Debt Notes listed in the table 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 June 24, 2022 (collectively, the "Offer Documents").
A total of approximately $4,402 million in original principal amount of Notes were validly tendered and not validly withdrawn on or before the designated expiration time for the Offers, which was 5:00 PM New York City time on June 30, 2022. The table below sets forth the original principal balance of the Notes, the percentage of original principal amount tendered, and the original principal amount tendered in the Offers.
| Name of Security | CUSIP/ISIN | Original Principal Balance1 | Percentage of Original Principal Amount Tendered2 | Original Principal Amount Tendered |
| Connecticut Avenue Securities, Series 2016-C05, Class 2M-2 Notes | 30711XDK7 / US30711XDK72 | $713,282,803.00 | 70.96% | $506,137,505.00 |
| Connecticut Avenue Securities, Series 2016-C06, Class 1M-2 Notes | 30711XDS0 / US30711XDS09 | $549,303,195.00 | 79.99% | $439,390,210.00 |
| Connecticut Avenue Securities, Series 2016-C07, Class 2M-2 Notes | 30711XEC4 / US30711XEC48 | $448,184,930.00 | 75.97% | $340,507,369.00 |
| Connecticut Avenue Securities, Series 2017-C01, Class 1M-2 Notes | 30711XEP5 / US30711XEP50 | $649,905,000.00 | 81.71% | $531,050,719.00 |
| Connecticut Avenue Securities, Series 2017-C03, Class 1M-2 Notes | 30711XJX3 / US30711XJX30 | $491,292,701.00 | 78.57% | $385,990,998.00 |
| Connecticut Avenue Securities, Series 2017-C05, Class 1M-2 Notes | 30711XNX8 / US30711XNX83 | $633,724,031.00 | 92.84% | $588,324,308.00 |
| Connecticut Avenue Securities, Series 2017-C06, Class 2M-2 Notes | 30711XSX3 / US30711XSX39 | $335,153,999.00 | 76.88% | $257,668,030.00 |
| Connecticut Avenue Securities, Series 2017-C07, Class 1M-2 Notes | 30711XUX0 / US30711XUX01 | $284,048,541.00 | 87.92% | $249,738,444.00 |
| Connecticut Avenue Securities, Series 2018-C01, Class 1M-2 Notes | 30711XYX6 / US30711XYX64 | $795,455,000.00 | 88.57% | $704,500,818.00 |
| Connecticut Avenue Securities, Series 2018-C03, Class 1M-2 Notes | 30711XJ70 / US30711XJ702 | $453,562,001.00 | 87.94% | $398,856,551.00 |
| $5,353,912,201.00 | 82.22% | $4,402,164,952.00 |
1 Original Principal Balance amounts have been adjusted to reflect reported exchange activity of RCR Notes or Exchangeable Notes into Notes eligible for tender initiated during the tender offer period.
2 Rounded to the nearest hundredth of a percent.
The settlement date for the Notes tendered and accepted for purchase in the Offers is expected to occur on Tuesday, July 5, 2022 (the "Settlement Date").
BofA Securities acted as the designated lead dealer manager and Barclays acted as the designated dealer manager for the Offers. Fannie Mae engaged Academy Securities, Inc. and Blaylock Van, LLC as Advisors on the transaction. Global Bondholder Services Corporation was engaged as the tender agent and information agent for the Offers.
Related Links:
CAS Debt Tender Offer Press Release
CAS Debt Tender Offer Frequently Asked Questions