Farmer Mac to Raise $75 Million in Stock Sale

The Federal Agricultural Mortgage Corp. (AGM) plans to sell $75 million worth of preferred stock in a public offering.

The government-sponsored institution, better known as Farmer Mac, will use proceeds from the offering to improve its capital position, according to its Friday press release. It may also use the profits to redeem a portion of preferred stock with a dividend rate that is scheduled to increase in March 2015, thereby reducing its expenses.

Farmer Mac will sell shares at $25 each, according to the release. The offering is scheduled to close on March 25.

Farmer Mac, established by Congress in the Agricultural Credit Act of 1987, aims to provide a secondary market for agricultural loans

Next in Compliance & Regulation ►
More in Compliance & Regulation See All »
Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.