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Freddie Mac prices $715M offering of structured pass-through certificates

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Freddie Mac prices $715M offering of structured pass-through certificates

Freddie Mac priced an offering of approximately $715 million of structured pass-through certificates backed by floating-rate multifamily mortgages with seven-year terms.

The K-F68 certificates are expected to settle on or about Oct. 11. These will not be rated, and will include one senior principal and interest class, one interest-only class, and one class entitled to static prepayment premiums.

The K-F68 certificates are backed by corresponding classes issued by the FREMF 2019-KF68 Mortgage Trust and guaranteed by Freddie Mac. The trust will also issue class B, C and R certificates, which will be subordinate to the classes backing the K-F68 certificates and will not be guaranteed by Freddie Mac.

Amherst Pierpont Securities LLC and J.P. Morgan Securities LLC are acting as co-lead managers and joint book runners for the offering. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Drexel Hamilton LLC and Morgan Stanley & Co. LLC are co-managers.