By Stephanie N. Rotondo
Phoenix, Jan. 14 - A market source said that Federal Agricultural Mortgage Corp., or Farmer Mac, on Monday sold $60 million of perpetual preferreds at 5.875%.
Bank of America Merrill Lynch is the lead on the deal.
The securities can be called on or after Jan. 17, 2018.
Farmer Mac is a Washington, D.C.-based provider of credit in rural America.
| Issuer: | Federal Agricultural Mortgage Corp.
|
| Securities: | Preferred stock
|
| Amount: | $60 million, or 2.4 million shares
|
| Maturity: | Perpetual
|
| Bookrunner: | Bank of America Merrill Lynch
|
| Dividend: | 5.875%
|
| Price: | Par of $25.00
|
| Yield: | 5.875%
|
| Talk: | 5.875% to 6%
|
| Call option: | On or after Jan. 17, 2018
|
| Pricing date: | Jan. 14
|
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