By Lisa Kerner
Charlotte, N.C., Oct. 17 – Farmland Partners Inc. expanded its secured note purchase facility with the Federal Agricultural Mortgage Corp. to $75 million from $30 million.
In addition, Farmland priced a $5.46 million, three-year, interest-only bond at 2.35% under the Farmer Mac facility, according to a company news release.
“The increase of the borrowing capacity under the debt facility with Farmer Mac ... gives us greater access to debt financing at very attractive terms,” Farmland chief executive officer Paul Pittman said in the news release.
Farmland also announced it has entered into eight separate purchase agreements with separate sellers to acquire nine farms in Arkansas and Nebraska totaling roughly 6,080 acres for $25 million in cash. The acquisitions are expected to close later this year.
Denver-based Farmland Partners is a real estate investment trust that owns and acquires row crop farmland.
| Issuer: | Farmland Partners Inc.
|
| Issue: | Interest-only bond
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| Amount: | $5.46 million
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| Coupon: | 2.35%
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| Maturity: | Three years
|
| Purchaser: | Federal Agricultural Mortgage Corp.
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| Pricing date: | Oct. 17
|
| Distribution: | Private placement
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