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Federal Agricultural Mortgage Corp | 5.875% Non-Cumulative Preferred Stock, Series A (AGM.PRA)
Prospectus excerpt: The class of preferred stock of the Corporation created hereby (the ÙPreferred Stockˆ) shall be designated Ù5.875% Non-Cumulative Preferred Stock, Series A,ˆ shall have a par value of $25.00 per share and a liquidation preference of $25.00 per share and shall consist of 2,400,000 shares. The Board of Directors, or a duly authorized committee thereof, shall be permitted to increase the authorized number of such shares at any time. The Preferred Stock shall rank senior to the Class A Voting Common Stock, Class B Voting Common Stock and Class C Non-Voting Common Stock of the Corporation (collectively, the ÙCommon Stockˆ) to the extent provided in this Certificate. (a) Subject to paragraphs (2) and (3) of Section 8.4(c) of the Farm Credit Act of 1971, as amended (12 U.S.C. ?? 2279aa-4(c)), holders of outstanding shares of the Preferred Stock shall be entitled to receive, ratably, when, as and if declared by the Board of Directors in its sole discretion, out of funds legally available for dividend payments, on a non-cumulative basis, quarterly cash dividends at the annual rate of 5.875% of the liquidation preference of the Preferred Stock, or $1.4688, per share of Preferred Stock. Dividends on the Preferred Stock shall be payable when, as and if declared by the Board of Directors on January 17, April 17, July 17 and October 17 of each year (each, a ÙDividend Payment Dateˆ), beginning on April 17, 2013. If a Dividend Payment Date is not a ÙBusiness Day,ˆ the related dividend shall be paid on the next Business Day with the same force and effect as though paid on the Dividend Payment Date, without any increase to account for the period from such Dividend Payment Date through the date of actual payment. For these purposes, ÙBusiness Dayˆ means a day other than (i) a Saturday or Sunday, (ii) a day on which New York City banks are closed or (iii) a day on which the offices of Farmer Mac are closed. The ÙDividend Periodˆ relating to a Dividend Payment Date shall be the period from, but not including, the preceding Dividend Payment Date (or from, but not including, January 17, 2013 in the case of the first Dividend Payment Date) (regardless of whether or not a dividend was declared and paid for such previous Dividend Period) through and including the related Dividend Payment Date. If declared, the dividend payable in respect of a Dividend Period shall be $0.3672 per share, or such lesser amount as may be required by law. The amount of dividends payable for any period shorter than a full quarterly Dividend Period shall be computed on the basis of twelve 30-day months and a 360-day year. Dividends shall be paid to holders of record of outstanding shares of the Preferred Stock as they appear in the books and records of Farmer Mac on the record date fixed by the Board of Directors, not to be earlier than 45 days nor later than 10 days preceding the applicable Dividend Payment Date. Full Prospectus PDF », Secondary Prospectus PDF », AGM Page »
Series: | A | Alternate symbology: | AGM-A, AGM-PA, AGMprA | Redeemable?: | Yes | Call Date: | 1/17/2018 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | No | Shares Offered: | 2,400,000 | Liquidation Preference: | $25.00 | Original Coupon: | 5.875% | Pay Period: | Quarterly | Pay Dates: | 17-Jan, 17-Apr, 17-Jul, 17-Oct | CDx3 Compliance Rating: |
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Federal Agricultural Mortgage is engaged in providing a secondary market for a variety of loans made to borrowers in rural America. Co.'s secondary market activities include: purchasing eligible loans directly from lenders; issuing and guaranteeing securities that represent interests in, or obligations secured by, pools of eligible loans; servicing eligible loans purchased or securitized by Co.; and providing long-term standby purchase commitments for eligible loans. Co. has two lines of business, Agricultural Finance and Rural Infrastructure Finance. Within those two lines of business are four segments: Corporate AgFinance, Farm and Ranch, Rural Utilities, and Renewable Energy. Preferreds: AGM.PRA, AGM.PRB, AGM.PRC, AGM.PRD, AGM.PRE, AGM.PRF, AGM.PRG Open the AGM Information Page »
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