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Freddie Mac prices structured pass-through certificates offering

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Freddie Mac prices structured pass-through certificates offering

Freddie Mac has priced a new offering of structured pass-through certificates backed by floating-rate multifamily mortgages with mainly seven-year terms.

The approximately $1.28 billion in K certificates are expected to settle on or about Dec. 23.

The K-F25 certificates will include one senior principal and interest class, one interest-only class and one class entitled to static prepayment premiums. The certificates are backed by corresponding classes issued by the FREMF 2016-KF25 Mortgage Trust and guaranteed by Freddie Mac. The trust will also issue certificates consisting of the class B, C and R certificates, which will be subordinate to the classes backing the K-F25 certificates. Freddie Mac will not guarantee the class B, C and R certificates.

Barclays Capital Inc. and J.P. Morgan Securities LLC are co-lead managers and book runners. Amherst Pierpont Securities LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Samuel A. Ramirez & Co. Inc. are co-managers.