Chicago, May 13 – Federal Agricultural Mortgage Corp. (Farmer Mac) priced $75 million of $25-par 5.75% non-cumulative perpetual preferred stock, series E, according to a press release.
The issue carries an over-allotment option for $11.25 million.
Morgan Stanley & Co. LLC is the bookrunner.
The issuer will have the option to redeem the preferred stock at any time on any dividend payment date on or after July 17, 2025.
Farmer Mac plans to use the proceeds for general corporate purposes.
Farmer Mac is a Washington, D.C.-based lender for agricultural and rural communities.
Issuer: | Federal Agricultural Mortgage Corp.
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Securities: | Non-cumulative perpetual preferred stock, series E
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Amount: | $75 million
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Greenshoe: | $11.25 million
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Maturity: | Perpetual
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Bookrunner: | Morgan Stanley & Co. LLC
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Co-managers: | BTIG, LLC and Sidoti & Co, LLC
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Dividend: | 5.75%
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Price: | Par of $25
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Call option: | On or after July 17, 2025
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Pricing date: | May 13
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Settlement date: | May 20
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Symbol: | NYSE: AGM PRE
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