By Stephanie N. Rotondo
Phoenix, Nov. 2 - The U.S. Department of the Treasury priced $12.6 million of senior subordinated securities due 2039 issued by Farmers Enterprises Inc., the agency said in a press release on Friday.
The Great Bend, Kan.-based bank sold the notes under the Troubled Asset Relief Program. The modified Dutch auction began Wednesday and ended late Thursday.
The Treasury sold $12 million of 7.7% $1,000-par notes at $962.90 per note. Another $600,000 of 13.8% notes were sold at $993.81 each.
Total proceeds came to $12.15 million.
Farmers will not receive any of the proceeds.
Settlement is expected on or about Nov. 9 and Nov. 13.
Issuer: | Farmers Enterprises Inc.
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Amount: | $12.6 million
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Proceeds: | $12.15 million
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Par: | $1,000
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Pricing dates: | Oct. 31 and Nov. 1
|
Settlement dates: | Nov. 9 and Nov. 13
|
|
7.7% notes
|
Securities: | Senior subordinated notes
|
Amount: | $12 million
|
Maturity: | 2039
|
Coupon: | 7.7%
|
Price: | $962.90 per note
|
|
13.8% notes
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Securities: | Senior subordinated notes
|
Amount: | $600,000
|
Maturity: | 2039
|
Coupon: | 13.8%
|
Price: | $993.81 per note
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