Farmer Mac greenshoe ups 5.75% perpetual preferreds to $79.5 million

By Wendy Van Sickle

Columbus, Ohio, May 29 – Underwriters for Federal Agricultural Mortgage Corp.’s (Farmer Mac) $25-par 5.75% non-cumulative perpetual preferred stock, series E, exercised a $4.5 million portion of their $11.25 million over-allotment option, increasing the total deal size to $79.5 million, according to an 8-K filing with the Securities and Exchange Commission.

Farmer Mac priced $75 million of the preferreds at par on May 13, as previously reported.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.