Attached files
| file | filename |
|---|---|
| 8-K - FEDERAL AGRICULTURAL MORTGAGE CORP | v208259_8k.htm |
 |
 |
January
18, 2011
For
Immediate Release
|
Contacts:
|
Brad
Captain
|
Christopher
Bohanon
|
|
|
CFC
Corporate Communications
|
Farmer
Mac Corporate Affairs
|
||
|
703-709-6725
|
202-872-7700
|
||
|
brad.captain@nrucfc.coop
|
chris_bohanon@farmermac.com
|
CFC,
Farmer Mac Announce $1.5 Billion Revolving
Credit
Facility for CFC
HERNDON,
VA—The National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE:
NRU, NRC) and the Federal Agricultural Mortgage Corporation (Farmer Mac) (NYSE:
AGM, AGM.A) announced that they have entered into a five-year, revolving credit
facility under which CFC may borrow, repay and reborrow up to $1.5 billion
through January 2016. This draw period is extended annually for an additional
year unless notice of non-renewal is given by Farmer Mac.
“I’m
pleased to continue to build on CFC’s relationship with Farmer Mac,” said
Sheldon C. Petersen, CFC governor and CEO. “Together we are providing
electric cooperatives a stable and reliable source of credit, as well as
liquidity and lending capacity that will help stimulate economic growth and job
creation in rural communities across the country.”
The new
facility is in addition to CFC’s existing note purchase agreements and whole
loan sales with Farmer Mac. Any borrowing by CFC under the facility will be
secured by eligible distribution system or power supply system loans as
collateral in an amount at least equal to the total principal amount borrowed by
CFC.
“This
facility reflects our continued efforts to support partners like CFC by
providing another source of capital needed to finance the rural utilities
infrastructure,” said Michael Gerber, Farmer Mac President and CEO. “We are
excited to work with CFC and others who see the value of a strong secondary
market in rural America by providing needed capital and liquidity to finance
growth in rural utilities as well as agricultural producers.”
About
CFC
National
Rural Utilities Cooperative Finance Corporation (CFC) is a non-governmental
cooperative that provides capital and industry-leading financial products to the
nation’s rural
utility systems. With more than $20 billion in assets, CFC is committed to
providing unparalleled industry expertise, flexibility and responsiveness to
serve the needs of its member-owners. CFC can be found online
at www.nrucfc.coop.
About
Farmer Mac
Farmer
Mac is a stockholder-owned instrumentality of the United States chartered by
Congress to establish a secondary market for agricultural real estate and rural
housing mortgage loans and rural utilities loans and to facilitate capital
markets funding for USDA-guaranteed farm program and rural development loans.
Additional information about Farmer Mac is available on its website at
www.farmermac.com.