Farmer Mac in $500M Secured Note Deal

Published August 01, 2005, 2:00 p.m. EDT

1 Min Read

The National Rural Utilities Cooperative Finance Corp. is selling $500 million of three-year NRUCFC-secured notes to the Federal Agricultural Mortgage Corp.Farmer Mac said the notes are secured by mortgage debt issued by NRUCFC-member rural electric distribution cooperatives. NRUCFC is a privately owned, nongovernment organization that provides capital and financial products to approximately 1,000 electric cooperatives in 47 states. Farmer Mac, a congressionally chartered corporation that provides a secondary market for rural housing and agriculture-related mortgage debt, said the deal provides NRUCFC with a new source of liquidity for its rural utility cooperative members.

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