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Farmer Mac might redeem portion of FALConS with new issue proceeds
By Angela McDaniels
Tacoma, Wash., March 20 - Federal Agricultural Mortgage Corp. may use the proceeds of a new issue of preferred stock to call, or purchase prior to the call date, a portion of its Farm Asset-Linked Capital Securities, according to a company news release.
The $250 million FALConS were issued by FALConS Trust I in January 2010 and represent undivided beneficial ownership interests in 250,000 shares of noncumulative perpetual preferred stock issued by Farmer Mac II LLC.
The dividend rate is 8.875% but will increase to 10.875% on March 30, 2015.
On Thursday, the company priced $75 million of 6.875% noncumulative perpetual series B preferred stock.
Farmer Mac is a Washington, D.C.-based provider of credit in rural America.
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