Freddie Mac Prices $380 Million Multifamily K-Deal, K-L06
MCLEAN, Va., Dec. 04, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) recently priced a new offering of Structured Pass-Through Certificates (K Certificates), which are multifamily mortgage-backed securities. Approximately $380 million in K Certificates (K-L06 Certificates) are backed by a single mortgage note secured by 10 multifamily properties. The mortgage has two fixed rate and two floating rate components, each having 10-year terms.
The transaction collateral is part of Freddie Mac’s K-L series of certificates, which are backed by large loans or pools of related mortgage loans on multifamily properties. The K-L06 Certificates are expected to settle on or about December 10, 2020.
K-L06 Pricing
Class |
Principal/Notional Amount (mm) |
Weighted Average Life (Years) |
Spread/Discount Margin (bps) |
Coupon |
Dollar Price |
||
A-FL | $82.233 | 8.75 | S+37 | 1 mo LIBOR + 37 | $100.0000 | ||
A-FX1 | $32.900 | 6.65 | S+38 | 1.0100% | $99.9976 | ||
A-FX2 | $148.000 | 9.04 | S+48 | 1.3270% | $99.9949 | ||
A-FX3 | $117.194 | 9.04 | S+40 | 1.2470% | $99.9969 | ||
X-FX | $328.932 | 7.77 | T+210 | 1.3640% | $9.5000 | ||
X-FL | Non-Offered |
Details
- Co-Lead Managers and Joint Bookrunners: Morgan Stanley & Co. LLC and Barclays Capital Inc.
- Co-Managers: Bancroft Capital, LLC, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, and Performance Trust Capital Partners, LLC
Related Links
- The K-L06 Preliminary Offering Circular Supplement: http://www.freddiemac.com/mbs/data/kl06oc.pdf
- Freddie Mac Multifamily Investor Presentation
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Multifamily Securities Investor Access database of post-securitization data from Investor
Reporting Packages
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The K-L06 Certificates will not be rated and will include four senior principal and interest classes and two interest-only classes. The K-L06 Certificates are backed by corresponding classes issued by FREMF 2020-KL06 Mortgage Trust (KL06 Trust) and guaranteed by Freddie Mac. The KL06 Trust will also issue certificates consisting of Class C and Class R certificates, which will not be guaranteed by Freddie Mac and will not back any class of K-L06 Certificates.