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
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