Fannie Mae has priced an offering of $350 million of variable-rate, noncumulative preferred stock.The seven million shares of Series K stock have a stated value of $50 per share, with an initial dividend rate of 3.00%, the government-sponsored enterprise said. The dividend rate will reset every two years based on the two-year swap rate plus 133 basis points. Bear, Stearns & Co. served as lead manager for the issue, and the co-managers were FTN Financial Capital Markets, Vining-Sparks IBG LP, and Williams Capital Group LP, Fannie Mae said.
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