New Issue: Farmer Mac brings $75 million of 6% fixed-to-floating preferreds

By Stephanie N. Rotondo

Phoenix, June 17 – Federal Agricultural Mortgage Corp. – or Farmer Mac, as it is more commonly known – priced $75 million of 6% fixed-to-floating-rate noncumulative preferred stock on Tuesday, according to a market source.

The deal is non-rated.

BofA Merrill Lynch was the bookrunner.

On July 18, 2024, the issue begins floating at Libor plus 326 basis points. The preferreds also become callable on that date.

Farmer Mac is a Washington, D.C.-based lender for agriculatural and rural communities.

Issuer:	Federal Agricultural Mortgage Corp.
Securities:	Fixed-to-floating-rate noncumulative preferred stock
Amount:	$75 million, or 3 million shares
Bookrunner:	BofA Merrill Lynch
Dividend:	Fixed at 6% until July 18, 2024, then floats at Libor plus 326 bps
Price:	Par of $25
Yield:	6% until July 18, 2024
Call option:	On or after July 18, 2024
Pricing date:	June 17
Settlement date:	June 20

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