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Farmer Mac expects to call $244 million of preferreds in 2015
By Susanna Moon
Chicago, Aug. 11 – The Federal Agricultural Mortgage Corp. (Farmer Mac) said it expects to redeem $244 million of preferred stock that will become callable in March 2015.
The company has raised funding in anticipation of the call, according to an earnings release for the second quarter of 2014.
After the redemption, the annual net cost of the preferred stock dividends will be $13.2 million, compared with $27.3 million after-tax currently and $18 million after-tax in 2013, the release noted.
Farmer Mac is a Washington, D.C.-based lender for agricultural and rural communities.
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