WASHINGTON, May 8, 2019 /PRNewswire/ -- The
Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM
and AGM.A) today announced that it intends to issue, subject to
market factors and other conditions, non-cumulative perpetual
Series D preferred stock, par value $25.00 per share. Farmer Mac intends to use the
net proceeds from the sale of the preferred stock to redeem the
$75 million aggregate outstanding par
value and liquidation preference of Farmer Mac's outstanding 6.875%
non-cumulative preferred stock, Series B and for general corporate
purposes. This press release shall not constitute a notice of
redemption for such Series B preferred stock.
BofA Merrill Lynch is acting as Sole Book-Running Manager for
this transaction.
The offering will be made pursuant to an exemption from
registration under the Securities Act of 1933, as amended, and will
be made solely by means of an offering circular. You
may obtain a copy of the offering circular by contacting Merrill
Lynch, Pierce, Fenner & Smith Incorporated at 200 North College
Street, 3rd floor, Charlotte, NC
28255-0001, attention: Prospectus Department, or email
dg.prospectus_requests@baml.com or phone at 1-800-294-1322.
Forward-Looking Statements
In addition to historical information, this release includes
forward-looking statements that reflect management's current
expectations for the preferred stock offering and Farmer Mac's
intended use of the proceeds from the offering. You should
pay particular attention to the important risk factors and
cautionary statements described in the "Risk Factors" section of
the offering circular that relate to the offering referenced above,
as well as the risk factors discussed in Farmer Mac's Annual Report
on Form 10-K for the year ended December 31,
2018, as filed with the SEC on February 21, 2019. In light of these
potential risks and uncertainties, no undue reliance should be
placed on any forward-looking statements expressed in this
release. The forward-looking statements contained in this
release represent management's expectations as of the date of this
release. Farmer Mac undertakes no obligation to release
publicly the results of revisions to any forward-looking statements
included in this release to reflect new information or any future
events or circumstances, except as the SEC otherwise requires.
About Farmer Mac
Farmer Mac is a vital part of the agricultural credit markets
and was created to increase access to and reduce the cost of
capital for the benefit of American agricultural and rural
communities. As the nation's largest secondary market for
agricultural credit, we provide financial solutions to a broad
spectrum of the agricultural community, including agricultural
lenders, agribusinesses, and other institutions that can benefit
from access to flexible, low-cost financing and risk management
tools. Farmer Mac's customers benefit from our low cost of funds,
low overhead costs, and high operational efficiency.
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SOURCE Farmer Mac