By Wendy Van Sickle
Columbus, Ohio, May 8 – Federal Agricultural Mortgage Corp. priced $100 million of $25-par 5.7% non-cumulative perpetual preferred stock, series D, according to a press release.
BofA Merrill Lynch 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, 2024.
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.
Issuer: | Federal Agricultural Mortgage Corp.
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Securities: | Non-cumulative perpetual preferred stock, series D
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Amount: | $100 million, or 4 million shares
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Bookrunner: | BofA Merrill Lynch
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Co-managers: | Compass Point Research & Trading, LLC, BTIG, LLC and Sidoti & Co., LLC
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Dividend: | 5.7%
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Price: | Par of $25
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Call option: | On or after July 17, 2024
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Pricing date: | May 8
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Settlement date: | May 13
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