WASHINGTON, May 30, 2025 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) 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$(R)$ $(CAS)$ 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 May 22, 2025 (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 ownership certificate issued by each Trust and, as a result, the sole beneficial owner of each Trust.
A total of approximately $1,798 million in original principal amount of Notes were validly tendered and not validly withdrawn on or before the designated expiration time for the Offers, which was 5:00 PM New York City time on May 29, 2025. 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.
Percentage
of Original Original
Original Principal Principal
Name of REMIC Trust (if Principal Amount Amount
Security applicable) CUSIP ISIN Balance(1) Tendered(2) Tendered(3)
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2017-C01,
Class 1M-2
Notes N/A 30711XEP5 US30711XEP50 $154,854,281 99.55 % $154,154,281
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2017-C02,
Class 2M-2
Notes N/A 30711XGP3 US30711XGP33 $25,780,837 21.63 % $5,575,540
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2017-C02,
Class 2B-1
Notes N/A 30711XGQ1 US30711XGQ16 $102,914,000 0.19 % $200,000
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2017-C04,
Class 2M-2
Notes N/A 30711XLT9 US30711XLT99 $21,494,381 100.00 % $21,494,381
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2017-C05,
Class 1M-2
Notes N/A 30711XNX8 US30711XNX83 $144,160,661 97.95 % $141,205,661
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2017-C05,
Class 1B-1
Notes N/A 30711XNW0 US30711XNW01 $51,530,558 2.09 % $1,075,000
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2017-C06,
Class 1B-1
Notes N/A 30711XQW7 US30711XQW73 $44,547,596 21.45 % $9,555,000
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2017-C07,
Class 1M-2
Notes N/A 30711XUX0 US30711XUX01 $151,995,556 98.03 % $149,000,556
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2018-C01,
Class 1B-1
Notes N/A 30711XYW8 US30711XYW81 $60,864,671 95.44 % $58,086,912
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2018-C03,
Class 1M-2
Notes N/A 30711XJ70 US30711XJ702 $160,955,380 94.41 % $151,955,380
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2018-C03,
Class 1B-1
Notes N/A 30711XJ62 US30711XJ629 $99,111,000 35.81 % $35,494,000
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2018-C05,
Class 1M-2
Notes N/A 30711XY24 US30711XY248 $108,649,613 80.61 % $87,577,614
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series
2018-C06,
Class 1B-1
Notes N/A 30711X3M4 US30711X3M42 $64,944,000 11.51 % $7,475,000
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series Connecticut
2019-R03, Avenue
Class 1B-1 Securities
Notes Trust 2019-R03 20753MAE8 US20753MAE84 $153,095,000 100.00 % $153,095,000
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series Connecticut
2022-R03, Avenue
Class 1M-1 Securities
Notes Trust 2022-R03 20753XAA2 US20753XAA28 $484,882,000 96.04 % $465,668,000
------------ ---------------- ---------- ------------- -------------- ----------- --------------
Connecticut
Avenue
Securities,
Series Connecticut
2022-R04, Avenue
Class 1M-1 Securities
Notes Trust 2022-R04 20753YCH3 US20753YCH36 $415,412,000 85.71 % $356,036,000
------------ ---------------- ---------- ------------- -------------- ----------- --------------
$2,245,191,534 80.07 % $1,797,648,325
------------------------------------------------------ -------------- ----------- --------------
(1) 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. The 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.
(3) Original Principal Amount tendered includes $37,190,000 of Notes tendered
using the Notice of Guaranteed Delivery.
The settlement date for the Notes tendered and accepted for purchase in the Offers is expected to occur on June 2, 2025 (the "Settlement Date"). Any Notes tendered and accepted for purchase in the Offers using the Notice of Guaranteed Delivery are expected to be purchased on June 3, 2025.
BofA Securities acted as the designated lead dealer manager and Wells Fargo Securities acted as the designated dealer manager for the Offers. Global Bondholder Services Corporation was engaged as the tender agent and information agent for the Offers.
Related Links:
CAS Notes Tender Offer Press Release
CAS Notes Tender Offer Frequently Asked Questions
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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.
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