WASHINGTON, May 30, 2025 -- 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® (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A total of approximately $1,798 million in original principal amount of Notes were validly tendered and not validly withdrawn on or before the designated expiration time for the Offers, which was 5:00 PM New York City time on May 29, 2025.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.
Name of Security | REMIC Trust (if applicable) | CUSIP | ISIN | Original Principal Balance1 | Percentage of Original Principal Amount Tendered2 | Original Principal Amount Tendered3 |
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 2019-R03, Class 1B-1 Notes | Connecticut Avenue Securities Trust 2019-R03 | 20753MAE8 | US20753MAE84 | $153,095,000 | 100.00 % | $153,095,000 |
Connecticut Avenue Securities, Series 2022-R03, Class 1M-1 Notes | Connecticut Avenue Securities Trust 2022-R03 | 20753XAA2 | US20753XAA28 | $484,882,000 | 96.04 % | $465,668,000 |
Connecticut Avenue Securities, Series 2022-R04, Class 1M-1 Notes | Connecticut Avenue Securities 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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