|By Marketwired .||
|May 12, 2014 11:19 AM EDT||
MCLEAN, VA -- (Marketwired) -- 05/12/14 -- Freddie Mac (OTCQB: FMCC) today announced an offering of Structured Pass-Through Certificates ("K Certificates") backed exclusively by LIBOR-based, floating rate multifamily mortgages with five-, seven-, and ten-year terms on seniors housing properties. The company expects to offer approximately $326 million in K Certificates ("K-S02 Certificates"), which are expected to price on or about May 14, 2014, and settle on or about May 23, 2014. This is Freddie Mac's second K Certificate offering backed exclusively by seniors housing collateral, the first of which was in April 2013. This offering also represents the company's second floating rate offering this year.
The K-S02 Certificates will be offered to the market by Wells Fargo Securities, LLC as lead manager and sole bookrunner. Merrill Lynch, Pierce, Fenner & Smith Incorporated, J. P. Morgan Securities LLC and Mischler Financial Group, Inc. will serve as co-managers.
The K-S02 Certificates include one senior principal and interest class and one interest only class, and will not be rated. The K-S02 Certificates are backed by corresponding classes from the FREMF 2014-KS02 Mortgage Trust (K-S02 Trust) and guaranteed by Freddie Mac. The K-S02 Trust will also issue class B, C and R certificates, which will be subordinate to the classes backing the K-S02 Certificates and will not be guaranteed by Freddie Mac.
"We are excited to announce our second K-Deal backed entirely by seniors housing loans, and the first backed by all floating rate seniors housing loans," said Mitchell Resnick, vice president of Freddie Mac Multifamily loan pricing and securitization. "Since 1998, Freddie Mac has financed $6.5 billion in loans backed by seniors housing facilities, $900 million of which was purchased in 2013. Our seniors housing program has historically maintained strong credit metrics and performance throughout various commercial real estate cycles."
Freddie Mac Multifamily sources its seniors housing loans from a select group of experienced multifamily lenders with extensive experience in the seniors housing market. Freddie Mac purchases a variety of seniors housing loans including those backed by independent living properties, assisted living properties, memory care properties and senior properties with a limited amount of skilled nursing care. In 2013 Freddie Mac purchased $900 million in seniors housing mortgages.
Freddie Mac Multifamily 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 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.
The preliminary offering circular supplement relating to the K-S02 Certificates can be found at http://www.freddiemac.com/mbs/data/ks02oc.pdf. A Freddie Mac multifamily investor presentation on the K Certificates 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 homebuyers 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.
Dec. 3, 2016 08:30 AM EST Reads: 1,344
Dec. 3, 2016 08:30 AM EST Reads: 671
Dec. 3, 2016 08:30 AM EST Reads: 461
Dec. 3, 2016 07:30 AM EST Reads: 692
Dec. 3, 2016 07:00 AM EST Reads: 498
Dec. 3, 2016 06:30 AM EST Reads: 5,996
Dec. 3, 2016 05:45 AM EST Reads: 6,918
Dec. 3, 2016 05:30 AM EST Reads: 1,198
Dec. 3, 2016 04:15 AM EST Reads: 3,421
Dec. 3, 2016 04:15 AM EST Reads: 1,710
Dec. 3, 2016 02:30 AM EST Reads: 1,523
Dec. 3, 2016 02:15 AM EST Reads: 748
Dec. 3, 2016 02:15 AM EST Reads: 1,496
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 3, 2016 01:45 AM EST Reads: 781
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Dec. 3, 2016 01:45 AM EST Reads: 4,533