WASHINGTON, May 13, 2019 /PRNewswire/ -- The
Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM
and AGM.A) announced that it intends to provide notice to the
holders of its 6.875% Non-Cumulative Preferred Stock, Series B (the
"Series B Preferred Stock") of the redemption of all of its
outstanding 3,000,000 shares of Series B Preferred
Stock.
Farmer Mac will redeem the Series B Preferred Stock for a
redemption price of $25.00 per share,
plus any declared and unpaid dividends through and including the
redemption date. The redemption date will be June 12,
2019. On and after the redemption date, dividends on the
Series B Preferred Stock will cease to accrue.
All shares of Series B Preferred Stock are issued in book-entry
form only through the facilities of The Depository Trust Company
("DTC"). Accordingly, the redemption of the Series B Preferred
Stock, including payment of the redemption price, will be completed
according to DTC's procedures. A notice of redemption will be
given today to the holders of Series B Preferred Stock.
Payment to DTC for the Series B Preferred Stock so redeemed will be
made by Continental Stock Transfer & Trust Company, as
transfer agent.
Forward-Looking Statements
In addition to historical
information, this release includes forward-looking statements that
reflect management's current expectations for the redemption,
including the redemption date. Management's expectations for
Farmer Mac's future necessarily involve a number of assumptions and
estimates and the evaluation of risks and uncertainties. You should
pay particular attention to the risk factors discussed in Farmer
Mac's Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on
February 21, 2019. In light of
these potential risks and uncertainties, no undue reliance should
be placed on any forward-looking statements expressed in this
release. The forward-looking statements contained in this
release represent management's expectations as of the date of this
release. Farmer Mac undertakes no obligation to release
publicly the results of revisions to any forward-looking statements
included in this release to reflect new information or any future
events or circumstances, except as the SEC otherwise requires.
About Farmer Mac
Farmer Mac is a vital part of the
agricultural credit markets and was created to increase access to
and reduce the cost of capital for the benefit of American
agricultural and rural communities. As the nation's largest
secondary market for agricultural credit, we provide financial
solutions to a broad spectrum of the agricultural community,
including agricultural lenders, agribusinesses, and other
institutions that can benefit from access to flexible, low-cost
financing and risk management tools. Farmer Mac's customers
benefit from our low cost of funds, low overhead costs, and high
operational efficiency.
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SOURCE Farmer Mac