Freddie Mac Announces Results of Tender Offer for Certain STACR Notes
October 13, 2022 | Source: Freddie Mac
McLean, Va. - Freddie Mac (OTCQB: FMCC) (the “Company”) today updated the final tender results of its previously announced offer to purchase (the “Offer”) any and all of the STACR® (Structured Agency Credit Risk) Notes listed below (the “Notes”). Certain of the series 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.
The Company has conducted the Offer in accordance with the conditions set forth in the Offer to Purchase dated October 3, 2022 (the “Offer to Purchase”) and related Notice of Guaranteed Delivery dated October 3, 2022 (collectively, the “Offer Documents”). Capitalized terms used but not defined in this Press Release have the meanings ascribed to such terms in the Offer Documents.
As of 5:00 p.m., New York City time, on Wednesday, October 12, 2022 (the “Guaranteed Delivery Deadline”), approximately $944 million aggregate original principal amount of the Notes had been validly tendered and not properly withdrawn. Accordingly, Freddie Mac has updated the results as set forth in the table below:
|Title of Security||STACR Trust (if applicable)||CUSIP Number||ISIN Number||Original Principal Amounts||Percentage of Original Principal Amounts Tendered and Accepted1,2||Original Principal Amounts Tendered and Accepted2|
|Title of Security:STACR 2015-DNA1 M-3||STACR Trust (if applicable):N/A||CUSIP Number:3137G0EW5||ISIN Number:US3137G0EW56||Original Principal Amounts:$350,000,000||Percentage of Original Principal Amounts Tendered and Accepted1,2:23.22%||Original Principal Amounts Tendered and Accepted2:$81,254,000|
|Title of Security:STACR 2016-DNA1 M-3||STACR Trust (if applicable):N/A||CUSIP Number:3137G0HW2||ISIN Number:US3137G0HW20||Original Principal Amounts:$408,569,516||Percentage of Original Principal Amounts Tendered and Accepted1,2:10.05%||Original Principal Amounts Tendered and Accepted2:$41,046,516|
|Title of Security:STACR 2017-HRP1 M-2||STACR Trust (if applicable):N/A||CUSIP Number:3137G0SN0||ISIN Number:US3137G0SN02||Original Principal Amounts:$80,000,000||Percentage of Original Principal Amounts Tendered and Accepted1,2:25.07%||Original Principal Amounts Tendered and Accepted2:$20,055,000|
|Title of Security:STACR 2018-HQA2 M-2||STACR Trust (if applicable):STACR Trust 2018-HQA2||CUSIP Number:35563XAH5||ISIN Number:US35563XAH52||Original Principal Amounts:$53,076,743||Percentage of Original Principal Amounts Tendered and Accepted1,2:47.94%||Original Principal Amounts Tendered and Accepted2:$25,442,543|
|Title of Security:STACR 2018-HRP1 B-1||STACR Trust (if applicable):STACR Trust 2018-HRP1||CUSIP Number:3137G0VA4||ISIN Number:US3137G0VA44||Original Principal Amounts:$259,000,000||Percentage of Original Principal Amounts Tendered and Accepted1,2:89.97%||Original Principal Amounts Tendered and Accepted2:$233,018,590|
|Title of Security:STACR 2019-DNA3 M-2||STACR Trust (if applicable):STACR Trust 2019-DNA3||CUSIP Number:35564TAH3||ISIN Number:US35564TAH32||Original Principal Amounts:$390,000,000||Percentage of Original Principal Amounts Tendered and Accepted1,2:54.05%||Original Principal Amounts Tendered and Accepted2:$210,783,981|
|Title of Security:STACR 2019-HQA3 M-2||STACR Trust (if applicable):STACR Trust 2019-HQA3||CUSIP Number:35564XAH4||ISIN Number:US35564XAH44||Original Principal Amounts:$280,000,000||Percentage of Original Principal Amounts Tendered and Accepted1,2:90.28%||Original Principal Amounts Tendered and Accepted2:$252,795,000|
|STACR Trust:STACR 2019-FTR2 M-2||STACR Trust (if applicable):STACR Trust 2019-FTR2||CUSIP Number:35564WAH6||ISIN Number:US35564WAH60||Original Principal Amounts:$114,000,000||Percentage of Original Principal Amounts Tendered and Accepted1,2:69.88%||Original Principal Amounts Tendered and Accepted2:$79,667,497|
 Rounded to the nearest hundredth of a percent.
 For STACR 2019-FTR2 M-2, the original principal amount tendered and accepted includes $7,752,573 tendered by guaranteed delivery prior to the Guaranteed Delivery deadline of 5:00 p.m. on Wednesday, October 12, 2022.
The settlement date for the Notes tendered and accepted for purchase in the Offer was Wednesday, October 12, 2022. Notes tendered and accepted for purchase in the Offer using the Notice of Guaranteed Delivery were purchased on Thursday, October 13, 2022.
BofA Securities, Inc. and Barclays Capital Inc. are lead dealer managers, and Academy Securities, Inc. is co-dealer manager for the Offer. For additional information regarding the terms of the Offer, please contact BofA Securities, Inc. at (980) 387-3907 or (888) 292-0070 (toll-free); or Barclays Capital Inc. at (212) 412-5780 or (800) 438-3242 (toll free). Requests for the Offer Documents may be directed to Global Bondholder Services Corporation, as tender agent, at (212) 430-3774 or (855) 654-2015 (toll-free), or by email at [email protected]
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 makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac, and Freddie Mac’s blog MyHome.FreddieMac.com/blog.
MEDIA CONTACT: Fred Solomon