AGM: Farmer Mac purchases $500 mln funding agreement under its AgVantage program (14.82 -0.22)
Co announced that it purchased a $500 mln 5-year agricultural mortgage-backed funding agreement issued by Metropolitan Life Insurance Company. The transaction is part of Farmer Mac's "AgVantage" program, in which Farmer Mac purchases general obligations of rural lenders that, in turn, are secured by Farmer Mac eligible loans. This transaction coincided with the maturity of a series of AgVantage securities issued in 2006 that had been secured by a MetLife (MET) issued funding agreement and guaranteed by Farmer Mac, but held by third-party investors.
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