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Freddie Mac prices $1.17B offering of structured pass-through certificates

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Freddie Mac prices $1.17B offering of structured pass-through certificates

Freddie Mac priced its offering of roughly $1.17 billion of structured pass-through certificates.

The K-S12 certificates are backed by three loans, each with floating-rate components and, collectively, 49 underlying properties controlled directly or indirectly by KKR & Co. Freddie Mac said the certificates, which are expected to settle on or about Sept. 27, are exclusively backed by multifamily mortgages on seniors housing properties.

The certificates are backed by corresponding classes issued by the FREMF 2019-KS12 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-S12 certificates and will not be guaranteed by Freddie Mac.

Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are co-lead managers and joint book runners for the offering. BMO Capital Markets Corp., Cantor Fitzgerald & Co., J.P. Morgan Securities LLC and Mischler Financial Group Inc. are the co-managers.