Freddie Mac Announces Tender Offer for Any and All of Certain STACR Notes

Core Viewpoint - Freddie Mac has initiated a fixed-price cash tender offer for the purchase of all Structured Agency Credit Risk (STACR) Notes, starting February 3, 2025, and expiring on February 7, 2025 [1][3]. Group 1: Offer Details - The tender offer is for the purchase of various classes of STACR Notes, with Freddie Mac being the sole beneficial owner of each Trust [1][2]. - BofA Securities, Inc. and Morgan Stanley & Co. LLC are the lead dealer managers for the Offer, with Academy Securities, Inc. acting as the co-dealer manager [2]. - The Total Consideration for the Notes will be calculated based on the original principal amount, applicable factor, and Tender Offer Consideration, plus any accrued and unpaid interest [2]. Group 2: Tender Offer Timeline - The tender offer period begins on February 3, 2025, and ends at 5 p.m. New York City time on February 7, 2025, unless extended [3]. - Holders can withdraw their validly tendered Notes at any time before the Expiration Time [3]. Group 3: Payment and Settlement - Holders whose Notes are purchased will receive accrued and unpaid interest from the last interest payment date to the Settlement Date, expected on February 11, 2025 [4]. - Notes tendered via the Notice of Guaranteed Delivery and accepted for purchase are anticipated to be purchased on February 13, 2025 [4]. Group 4: STACR Notes Information - The announcement includes specific details about various STACR Notes, including CUSIP numbers, ISIN numbers, original principal amounts, and Tender Offer Considerations for each [5][6]. - For example, the STACR 2019-HQA2 has an original principal amount of $18,091,257 with a Tender Offer Consideration of $1,101.25 per $1,000 original principal amount [5]. Group 5: Freddie Mac's Role - Freddie Mac's Single-Family Credit Risk Transfer programs aim to transfer credit risk from U.S. taxpayers to global private capital through securities and (re)insurance policies [9]. - The company has been a pioneer in the Single-Family CRT market since issuing its first STACR notes in July 2013 [9].