WASHINGTON, May 30, 2025 /PRNewswire/ -- 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A total of approximately $1,798 million in original principal amount of Notes were validly tendered and not validly withdrawn on or before the designated expiration time for the Offers, which was 5:00 PM New York City time on May 29, 2025.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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This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae, including the Notes. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase or sale of securities referred to herein must be made solely on the basis of information contained in the Offer Documents, and no reliance may be placed on the completeness or accuracy of the information contained in this press release. The Offers are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Company by BofA Securities, Inc. or Wells Fargo Securities, LLC (as applicable) or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

This release includes forward-looking statements, including statements relating to the timing and expected settlement and closing of the purchase of the Notes in a tender offer. These forward-looking statements are based on Fannie Mae's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may turn out to be different from these statements. Factors that may lead to different results are discussed in "Risk Factors," "Forward-Looking Statements," and elsewhere in the Offer Documents and the documents incorporated by reference therein. All forward-looking statements are made as of the date of this press release, and Fannie Mae assumes no obligation to update this information.

Connecticut Avenue Securities is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

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SOURCE Fannie Mae