e Mac is [link=http://freddiemac.com/news/archives/debt/2009/20090710_subdebt-tender-offer.html][u]offering[/u][/link] to repurchase more than $4.38 billion of its subordinated notes from investors, the company announced late last week. A Freddie Mac spokesperson told [link=http://www.bloomberg.com/apps/news?pid=20601103&sid=aCEm7BiaCImk][u]Bloomberg[/u][/link] that the offers are intended to provide liquidity and reduce the company's cost of funding. Each series of Freddie's target securities will be purchased at the applicable fixed spread over the bid-side yield of the applicable reference security for such series of target securities. The tender offer period commences today and runs through Friday, July 17. The offers will be managed by Goldman Sachs, Banc of American Securities LLC and Citigroup Global Markets Inc., with Goldman designated the lead dealer manager. SOURCES: Freddie Mac, Bl