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Farmer Mac obtains $300M revolving facility

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Farmer Mac obtains $300M revolving facility

Farmer Mac has secured a $300 million revolving borrowing facility with a draw period through Dec. 20, 2023.

The company entered into a second supplemental note purchase agreement with National Rural Utilities Cooperative Finance Corp. and Farmer Mac Mortgage Securities Corp., a unit of Farmer Mac.

National Rural Utilities Cooperative Finance has a "related party" relationship with Farmer Mac because it holds more than 5% of the company's class A voting common stock. The agreement was entered into on an arms-length basis, the company said.