The Federal Agricultural Mortgage Corporation (NYSE:AGM), also known as FarmerMac has announced they will sell a new issue of preferred stock.
Filings for the issue have not yet been made but their press release can be read here.
The agricultural lender intends to use the proceeds to redeem all of the outstanding AGM-B, 6.875% issue which became redeemable on 4/17/2019. Investors in this issue were “snoozing” a bit so this means they are losing a bit. Shares were trading as high as $26 yesterday and now they are at $25.19. You can see the chart here.
The company has 2 other preferred issues outstanding which can be seen here.