Corporate ActionMay 12, 2026, 05:32 PM
Farmer Mac Prices $100M Series I Preferred Stock Offering
AI Summary
Federal Agricultural Mortgage Corporation (Farmer Mac) announced the pricing of a $100 million offering of 6.875% Non-Cumulative Preferred Stock, Series I. The offering involves 4,000,000 shares at $25.00 par value, with expected net proceeds of approximately $97 million. Farmer Mac intends to use these proceeds for general corporate purposes, and the preferred stock is expected to be listed on the NYSE under "AGM PRI."
Key Highlights
- Farmer Mac priced an offering of $100 million of 6.875% Non-Cumulative Preferred Stock, Series I.
- The offering consists of 4,000,000 shares with a par value and liquidation preference of $25.00 per share.
- Net proceeds to Farmer Mac are expected to be approximately $97 million, to be used for general corporate purposes.
- The Preferred Stock has a fixed, non-cumulative dividend rate of 6.875% per year.
- Farmer Mac has the option to redeem the preferred stock on any dividend payment date on and after July 17, 2031.
- The settlement date for the offering is expected to be May 19, 2026.