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Federal Agricultural Mortgage Corp | 5.25% Non-Cumul Preferred Stock, Series F (AGM.PRF)
Prospectus excerpt: The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced that it has agreed to issue $120 million of Tier 1 capital through the public offering of 5.250% non-cumulative perpetual Series F preferred stock, par value $25.00 per share. The preferred stock offering is expected to close on August 20, 2020, subject to customary closing conditions. Farmer Mac intends to use the net proceeds from the sale of the preferred stock for general corporate purposes and to redeem the $60 million aggregate outstanding par value and liquidation preference of Farmer Mac’s 5.875% non-cumulative preferred stock, Series A. This press release shall not constitute a notice of redemption of such Series A preferred stock. Farmer Mac expects to list the new series of preferred stock on the New York Stock Exchange under the symbol “AGM PRF.” Full Prospectus PDF », Secondary Prospectus PDF », AGM Page »
Series: | F | Alternate symbology: | AGM-F, AGM-PF, AGMprF | Redeemable?: | Yes | Call Date: | 10/17/2025 | Perpetual?: | Yes | Cumulative?: | No | Shares Offered: | 4,800,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $21.10 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-3.90 (-15.60%) | Annualized Dividend: | 1.3125 | Recent Ex-Date: | 3/28/2024 | Current Yield: | 6.22% | Original Coupon: | 5.25% | 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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