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Federal Agricultural Mortgage Corp | 6.875% Non-Cumulative Preferred Stock, Series B (AGM.PRB)

This preferred is marked as having been called.
Prospectus excerpt:  Subject to paragraphs (2) and (3) of Section 8.4(c) of the Farm Credit Act of 1971, as amended (12 U.S.C. ?? 2279aa-4(c)), holders of outstanding shares of the Preferred Stock shall be entitled to receive, ratably, when, as, and if declared by the Board of Directors, in its sole discretion, out of funds legally available for dividend payments, on a non-cumulative basis, quarterly cash dividends at the annual rate of 6.875% of the liquidation preference of the Preferred Stock, or $1.7188 per share per year of Preferred Stock. Dividends on the Preferred Stock shall be payable when, as, and if declared by the Board of Directors, on January 17, April 17, July 17 and October 17 of each year (each, a ÙDividend Payment Dateˆ), beginning on April 17, 2014. If a Dividend Payment Date is not a ÙBusiness Day,ˆ the related dividend (if declared) shall be paid on the next Business Day with the same force and effect as though paid on the Dividend Payment Date, without any increase to account for the period from such Dividend Payment Date through the date of actual payment. For these purposes, ÙBusiness Dayˆ means a day other than (i) a Saturday or Sunday, (ii) a day on which New York City banks are closed, or (iii) a day on which the offices of Farmer Mac are closed. The ÙDividend Periodˆ relating to a Dividend Payment Date shall be the period from, but not including, the preceding Dividend Payment Date (or from, but not including, March 25, 2014 in the case of the first Dividend Payment Date) (regardless of whether or not a dividend was declared and paid for such previous Dividend Period) through and including the related Dividend Payment Date. If declared, the dividend payable in respect of a Dividend Period shall be $0.4297 per share, or such lesser amount as the Board of Directors may determine; provided, however, that the dividend, when, as, and if declared by the Board of Directors, for the first Dividend Period shall be $0.105 per share, or such lesser amount as the Board of Directors may determine. The amount of dividends payable for any period shorter than a full quarterly Dividend Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends shall be paid to holders of record of outstanding shares of the Preferred Stock as they appear in the books and records of Farmer Mac on the record date fixed by the Board of Directors, not to be earlier than 45 days nor later than 10 days preceding the applicable Dividend Payment Date. Notwithstanding any other provision hereof to the contrary, dividends on the Preferred Stock shall not be declared, paid, or set aside for payment to the extent such act would cause Farmer Mac to fail to comply with laws or regulations applicable thereto, including any applicable capital adequacy requirements.

Full Prospectus PDF », Secondary Prospectus PDF », AGM Page »

Series:B
Alternate symbology:AGM-B, AGM-PB, AGMprB
Redeemable?:Yes
Call Date:4/17/2019 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:3,000,000
Liquidation Preference:$25.00
Original Coupon:6.88%
Pay Period:Quarterly
Pay Dates:17-Jan, 17-Apr, 17-Jul, 17-Oct
CDx3 Compliance Rating: Learn AGM.PRB's Rating
Federal Agricultural Mortgage is engaged in providing a secondary market for a variety of loans made to borrowers in rural America. Co.'s secondary market activities include: purchasing eligible loans directly from lenders; issuing and guaranteeing securities that represent interests in, or obligations secured by, pools of eligible loans; servicing eligible loans purchased or securitized by Co.; and providing long-term standby purchase commitments for eligible loans. Co. has two lines of business, Agricultural Finance and Rural Infrastructure Finance. Within those two lines of business are four segments: Corporate AgFinance, Farm and Ranch, Rural Utilities, and Renewable Energy.

Preferreds: AGM.PRA, AGM.PRB, AGM.PRC, AGM.PRD, AGM.PRE, AGM.PRF, AGM.PRG


Open the AGM Information Page »
Name: 
Federal Agricultural Mortgage Corp
Website: 
www.farmermac.com
Sector: 
Credit Services & Lending
Number of ETFs Holding AGM: 
31 (see which ones)
Total Market Value Held by ETFs: 
$177,107,237
Total Market Capitalization: 
$1,769,000,000
% of Market Cap. Held by ETFs: 
10.01%

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