WASHINGTON, June 17,
2024 /PRNewswire/ -- The Federal Agricultural
Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.PRC) has
announced that it intends to provide notice to the holders of its
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock,
Series C (the "Series C Preferred Stock") of the redemption of all
of its outstanding 3,000,000 shares of Series C Preferred
Stock.
Farmer Mac will redeem the Series C 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 July 18, 2024. On and after the redemption date,
dividends on the Series C Preferred Stock will cease to accrue.
All shares of Series C Preferred Stock are issued in book-entry
form only through the facilities of The Depository Trust Company
("DTC"). Accordingly, the redemption of the Series C 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 C Preferred Stock. Payment to DTC
for the Series C Preferred Stock so redeemed will be made by
Equiniti Trust Company ("Equiniti"), as transfer agent. Equiniti's
address is as follows:
Equiniti Trust Company, LLC
55 Challenger Road, Suite # 200
Ridgefield Park, New Jersey
07660
Attn: Reorganization Department
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, 2023, as
filed with the SEC on February 23,
2024, and Farmer Mac's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2024, as
filed with the SEC on May 6, 2024. 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 driven by its mission
to increase the accessibility of financing for American agriculture
and rural infrastructure. As a secondary market provider for our
nation's agricultural and rural infrastructure credit, we provide
financial solutions to a broad spectrum of customers supporting
rural America, including agricultural lenders, agribusinesses, and
rural electric cooperatives. We are uniquely positioned to
facilitate competitive access to financing that fuels growth,
innovation, and prosperity in America's rural and agricultural
communities. More information about Farmer Mac is available on our
website at www.farmermac.com.
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SOURCE Farmer Mac