Farmer Mac II calls all $250 million noncumulative perpetual preferreds

By Tali Rackner

Norfolk, Va., Feb. 27 – The Federal Agricultural Mortgage Corp. (Farmer Mac) said subsidiary Farmer Mac II LLC intends to redeem all 250,000 outstanding shares of its noncumulative perpetual preferred stock, according to a press release.

The preferreds will be redeemed at par value of $1,000 per share on March 30.

The redemption will trigger on the same day the redemption of all $250 million of the outstanding related trust securities, called farm asset-linked capital securities.

Farmer Mac II LLC also announced the quarterly dividend of $22.1875 to be paid on each share of preferred stock on March 30 in connection with the redemption.

Farmer Mac is a Washington, D.C.-based lender for agricultural and rural communities.

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