By Lisa Kerner
Charlotte, N.C., Oct. 29 - Federal Agricultural Mortgage Corp. sold 578 more shares of its series C non-voting cumulative preferred stock to National Rural Utilities Cooperative Finance Corp. for $578,000, or $1,000 each, on Oct. 23, according to an 8-K filing with the Securities and Exchange Commission.
The sale brings the number of series C preferreds outstanding to 57,578, the filing said.
It was previously reported that the preferreds pay an annual dividend of 5%, which will increase to 7% on Jan. 1, 2014 and to 9% on Jan. 1, 2019.
The preferreds are callable at par beginning Dec. 24, 2009.
Concurrent with the sale, Farmer Mac guaranteed up to $28.9 million of clean renewable energy bonds offered and sold to third-party investors.
According to the filing, the bonds were issued by National Rural to fund rural utilities loans for clean renewable energy projects.
National Rural was required to purchase series C preferreds in an amount equal to 2% of the outstanding principal amount of the bonds as of the closing date.
Farmer Mac is a Washington, D.C.-based provider of financing for agricultural real estate and rural housing loans and liquidity to agricultural and rural housing lenders.
| Issuer: | Federal Agricultural Mortgage Corp.
|
| Issue: | Series C non-voting cumulative preferred stock
|
| Amount: | $578,000
|
| Dividend: | 5% per year, stepping up to 7% beginning Jan. 1, 2014 and to 9% beginning Jan. 1, 2019
|
| Call option: | Beginning Dec. 24, 2009 at par
|
| Investor: | National Rural Utilities Cooperative Finance Corp.
|
| Distribution: | Private placement
|
| Settlement date: | Oct. 23
|
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