Farmer Mac announced it has agreed to issue $100 million of Tier 1 capital through a public offering of 6.500% non-cumulative perpetual Series H preferred stock. This offering is expected to close on August 25, 2025, subject to customary closing conditions.
The new Series H preferred stock will have a fixed dividend rate of 6.500% per year, when declared by the Board of Directors, and will not have a maturity date. Farmer Mac retains the option to redeem the preferred stock on any dividend payment date on or after October 17, 2030.
This issuance of preferred stock is a strategic move to bolster the company's capital position, providing additional financial flexibility to support its mission and growth initiatives. The new series of preferred stock is expected to be listed on the New York Stock Exchange under the symbol 'AGM PRH'.
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