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Freddie Mac prices $1.1B offering of structured pass-through certificates

Freddie Mac has priced an offering of approximately $1.1 billion of structured pass-through certificates, which are backed by floating-rate multifamily mortgages with seven-year terms.

The K-F49 certificates are set to settle on or about Aug. 17.

The certificates will not be rated, and they 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 2018-KF49 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-F49 certificates and will not be guaranteed by Freddie Mac.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are acting as co-lead managers and joint book runners, while Barclays Capital Inc., CastleOak Securities LP, PNC Capital Markets LLC and Wells Fargo Securities LLC are acting as co-managers for the offering.