Freddie Mac Prices $550 Million Multifamily K-Deal Backed by Sky Apartments, Largest Residential Tower in U.S.
(firmenpresse) - MCLEAN, VA -- (Marketwired) -- 09/12/17 -- (OTCQB: FMCC) recently priced a new offering of Structured Pass-Through Certificates () backed by floating-rate multifamily mortgage bonds with a ten-year term. The $550 million in K Certificates (K-SKY Certificates) is backed by Sky Apartments in New York, NY, the largest residential tower in the U.S. K-SKY is expected to settle on or about September 20, 2017.
The transaction collateral is part of Freddie Mac''s single-asset, single borrower (SASB) execution. SASB transactions are backed by one or multiple properties owned or controlled by a single sponsorship group. Sky is the largest-ever single-asset tax-exempt financing completed by Freddie Mac, a groundbreaking private placement structure that included a direct purchase of tax-exempt and taxable variable rate bonds issued by the New York State Housing Finance Agency with plans to securitize those bonds.
"K-SKY marks a new endeavor for Freddie Mac Multifamily and latest innovation in our flagship K-Deal program," said Robert Koontz, Vice President, Capital Markets at Freddie Mac Multifamily. "This is the final phase of our financing of Sky, a first-of-its-kind structure that provided certainty of execution and delivered pricing far below a standard bond credit enhancement."
Co-Lead Managers and Bookrunners: Wells Fargo Securities, LLC and Jefferies LLC
Co-Managers: Citigroup Global Markets Inc., Mischler Financial Group, Inc., and Stifel, Nicolaus & Company, Incorporated
The K-SKY preliminary offering circular supplement:
Freddie Mac Multifamily
database of post-securitization data from Investor Reporting Packages
The K-SKY Certificates will not be rated, and will include two principal and interest classes and two interest only classes. The K-SKY Certificates are backed by corresponding classes issued by the FREMF 2017-SKY Mortgage Bond Trust (KSKY Trust) and guaranteed by Freddie Mac.
is a leading issuer of agency-guaranteed structured multifamily securities. K-Deals are part of the company''s business strategy to transfer a portion of the risk of losses away from taxpayers and to private investors who purchase the unguaranteed subordinate bonds. K Certificates typically feature a wide range of investor options with stable cash flows and structured credit enhancement.
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, 2016, filed with the Securities and Exchange Commission (SEC) on February 16, 2017; 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, 2016, 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, 2016, 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 and the SEC''s Web site at .
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 and taxpayers. Learn more at , Twitter and Freddie Mac''s blog .
MEDIA CONTACT:
Christopher Spina
703-388-7031
INVESTOR CONTACTS:
Robert Koontz
571-382-4082
Aaron Dunn
571-382-5818
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Datum: 12.09.2017 - 11:44 Uhr
Sprache: Deutsch
News-ID 1520536
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