Fannie Mae (FNMA/OTCQB) today launched a series of fixed-price cash tender offers to purchase the full amount of certain Connecticut Avenue Securities® (CAS) Notes, detailed below. These offers are made under specific terms and conditions outlined in the Offer to Purchase and the related Notice of Guaranteed Delivery, both dated April 22, 2024. The offers target Notes issued by various REMIC trusts, with Fannie Mae holding the owner certificate and thus being the sole beneficial owner of these trusts. The purchase offers will conclude at 5:00 PM New York City time on April 26, 2024, unless they are extended or concluded earlier. Noteholders have the option to withdraw their Notes anytime before the expiration by adhering to the outlined procedures.
For these transactions, Fannie Mae has designated BofA Securities as the lead dealer manager and Wells Fargo Securities as the dealer manager. Additionally, Academy Securities, Inc., owned by minorities and service-disabled veterans, along with Drexel Hamilton, LLC, also owned by service-disabled veterans, have been appointed as advisors. Global Bondholder Services Corporation will act as both the tender agent and information agent.
Below is a table summarizing the key pricing terms of these offers, specifying the series and classes of the securities involved, their corresponding trusts, identifiers like CUSIP and ISIN, their original principal balances, and the tender offer consideration per $1,000 of original principal.
Noteholders are required to tender their Notes by the expiration time to qualify for the tender offer consideration, which will reflect the Certificate Percentages available on April 25, 2024. Additionally, those whose Notes are accepted for purchase will receive accrued and unpaid interest up until the settlement date, which is anticipated to be April 30, 2024. Notes tendered through the Notice of Guaranteed Delivery and accepted for purchase are slated to be bought on May 1, 2024, with interest payments only up until the settlement date.
For more information, read the original press release from: https://www.fanniemae.com/newsroom/fannie-mae-news/tender-offer-any-all-certain-cas-notes-apr-2024