Farmer Mac to repurchase $150 million of series B perpetual preferreds

By Angela McDaniels

Tacoma, Wash., Jan. 25 - Federal Agricultural Mortgage Corp. plans to repurchase and retire its outstanding series B-1 senior cumulative perpetual preferred stock, series B-2 senior cumulative perpetual preferreds and series B-3 senior cumulative perpetual preferreds, according to a company news release.

The preferreds have a total liquidation preference of $150 million.

The company will fund the repurchase with the proceeds of the sale of some non-cumulative perpetual preferred stock to FALConS Trust I. The preferreds were issued to Farmer Mac by Farmer Mac II LLC.

Farmer Mac is a Washington, D.C.-based provider of financing for agricultural real estate and rural housing loans and liquidity to agricultural and rural housing lenders.

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