Farmer Mac to sell $25-par non-cumulative perpetual preferreds

By James McCandless

San Antonio, May 8 – Federal Agricultural Mortgage Corp. plans to sell an offering of $25-par series D non-cumulative perpetual preferred stock, according to a press release.

BofA Merrill Lynch is the bookrunner.

Farmer Mac plans to use the proceeds to redeem the $75 million aggregate outstanding par value and liquidation preference of its outstanding series B 6.875% non-cumulative preferred stock and for general corporate purposes.

Farmer Mac is a Washington, D.C.-based lender for agricultural and rural communities.

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