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Freddie Mac prices $908M of structured pass-through certificates offering

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Freddie Mac prices $908M of structured pass-through certificates offering

Freddie Mac priced an offering of $908 million in structured pass-through certificates backed by floating-rate multifamily mortgages with seven-year terms.

The K-F60 certificates are anticipated to settle on or about March 28.

The certificates are backed by corresponding classes issued by the FREMF 2019-KF60 Mortgage Trust and guaranteed by Freddie Mac. The certificates 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.

In addition, the trust will issue class B, C and R certificates, which will be subordinate to the classes backing the K-F60 certificates and will not be guaranteed by Freddie Mac.

Morgan Stanley & Co. LLC and Cantor Fitzgerald & Co. are acting as co-lead managers and joint book runners, and Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Drexel Hamilton LLC and PNC Capital Markets LLC are co-managers for the offering.