By Lisa Kerner
Charlotte, N.C., April 1 – Farmland Partners Inc. issued a $14.9 million, 10-year, interest-only bond with a fixed interest rate of 3.69%.
The bond will be issued under the company’s previously announced $150 million secured note purchase facility with the Federal Agricultural Mortgage Corp.
With the latest issue, Farmland brings the total principal amount outstanding under the Farmer Mac facility to $96 million, according to a news release.
“This 10-year bond will begin to extend the average maturity of our debt and provide us with capital for additional acquisitions,” said Farmland chief executive officer Paul Pittman.
In December, Farmland announced it expanded its Farmer Mac secured note purchase facility to $150 million from $75 million.
Denver-based Farmland Partners is a real estate investment trust that owns and acquires row crop farmland.
| Issuer: | Farmland Partners Inc.
|
| Issue: | Interest-only bond
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| Amount: | $14.9 million
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| Coupon: | 3.69%
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| Maturity: | 10 years
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| Distribution: | Private placement
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| Purchaser: | Federal Agricultural Mortgage Corp.
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