Farmer Mac, National Rural Utilities increase agreement to $4.5 billion

By Lisa Kerner

Charlotte, N.C., Jan. 13 – The Federal Agricultural Mortgage Corp., its subsidiary Farmer Mac Mortgage Securities Corp. and the National Rural Utilities Cooperative Finance Corp., on Jan. 8 amended and restated their first supplemental note purchase agreement dated March 24, 2011, according to an 8-K filing with the Securities and Exchange Commission.

Under the amendment, the parties increased the limit for the total principal amount of notes outstanding under the agreement to $4.5 billion from $3.9 billion and extended the draw period to Jan. 11, 2020 from Jan. 11, 2016.

The amended agreement also deleted references to Farmer Mac’s series C non-voting cumulative preferred stock, which was retired by Farmer Mac in January 2013, according to the 8-K filing.

Also on Tuesday, Farmer Mac announced that Curt Covington will join the company as senior vice president, agricultural finance later in the month. Prior to joining Farmer Mac, Covington was managing director for the Ag and Rural Banking Division at Bank of the West. He has also held various management positions within the Farm Credit System and as a credit administrator with Rabobank, according to a news release.

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