Freddie Mac Announces Fourth Multifamily Securities Offering This Year, K-F03
April 07 2014 - 10:18AM
Marketwired
Freddie Mac Announces Fourth Multifamily Securities Offering This
Year, K-F03
MCLEAN, VA--(Marketwired - Apr 7, 2014) - Freddie Mac
(OTCQB: FMCC) today announced a new offering of Structured
Pass-Through Certificates ("K Certificates"), backed exclusively by
LIBOR-based, floating rate multifamily mortgages with five- and
seven-year terms. The company expects to offer approximately
$1.3 billion in K Certificates ("K-F03 Certificates"), which are
expected to price the week of April 7, 2014, and settle on or about
April 25, 2014. This is Freddie Mac's fourth K Certificate
offering this year and its first floating rate offering this
year.
The K-F03 Certificates are backed by 85 recently originated
floating rate multifamily mortgages and are guaranteed by Freddie
Mac. The K-F03 Certificates will be offered to the market by a
syndicate of dealers led by J.P. Morgan Securities LLC and Wells
Fargo Securities, LLC as co-lead managers and joint bookrunners.
Barclays Capital Inc., Bonwick Capital Partners, LLC, Credit Suisse
Securities (USA) LLC and RBS Securities Inc. will serve as
co-managers.
The K-F03 Certificates include one senior principal and interest
class and one interest only class, and will not be rated. The
K-F03 Certificates are backed by corresponding classes from the
FREMF 2014-KF03 Mortgage Trust ("K-F03 Trust"). The K-F03
Trust will also issue class B, C and R certificates, which will be
subordinate to the classes backing the K-F03 Certificates and will
not be guaranteed by Freddie Mac.
Freddie Mac is a leading issuer of agency-guaranteed structured
multifamily securities. K Certificates feature a wide range of
investor options with stable cash flows and a structured credit
enhancement. K-Deals typically include guaranteed senior principal
and interest, and interest only classes.
The preliminary offering circular supplement relating to the
K-F03 Certificates can be found at
http://www.freddiemac.com/mbs/data/kf03oc.pdf. A Freddie Mac
multifamily investor presentation on the K Certificate deal
structure and multifamily loan portfolio performance data is
available at FreddieMac.com. Freddie Mac also has an online
tool for investors and analysts, Multifamily Securities Investor
Access. This is a central database that houses all
post-securitization data from Investor Reporting Packages to help
investors and analysts monitor K-Deal performance.
This announcement is not an offer to sell any Freddie Mac
securities. Offers for any given security are made only through
applicable offering circulars and related supplements, which
incorporate Freddie Mac's Annual Report on Form 10-K for the year
ended December 31, 2013, filed with the Securities and Exchange
Commission ("SEC") on February 27, 2014; all other reports Freddie
Mac filed with the SEC pursuant to Section 13(a) of the Securities
Exchange Act of 1934 ("Exchange Act") since December 31, 2013,
excluding any information "furnished" to the SEC on Form 8-K; and
all documents that Freddie Mac files with the SEC pursuant to
Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any
information "furnished" to the SEC on Form 8-K.
Freddie Mac's press releases sometimes contain forward-looking
statements. A description of factors that could cause actual
results to differ materially from the expectations expressed in
these and other forward-looking statements can be found in the
company's Annual Report on Form 10-K for the year ended December
31, 2013, and its reports on Form 10-Q and Form 8-K, filed with the
SEC and available on the Investor Relations page of the company's
Web site at www.FreddieMac.com/investors and the SEC's Web site at
www.sec.gov.
Freddie Mac was established by Congress in 1970 to provide
liquidity, stability and affordability to the nation's residential
mortgage markets. Freddie Mac supports communities across the
nation by providing mortgage capital to lenders. Today Freddie Mac
is making home possible for one in four home borrowers and is one
of the largest sources of financing for multifamily
housing. Additional information is available at
FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog
FreddieMac.com/blog.
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