NRUCFC Amends Farmer Mac Note Purchase Agreement
Ticker: NRUC · Form: 8-K · Filed: Jan 15, 2025 · CIK: 70502
Sentiment: neutral
Topics: debt-financing, agreement-amendment
TL;DR
NRUCFC just amended its Farmer Mac Note Purchase Agreement. Details to follow.
AI Summary
On January 14, 2025, National Rural Utilities Cooperative Finance Corp. entered into a Fifth Amended Farmer Mac Note Purchase Agreement. This agreement amends a previous note purchase arrangement, with specific details of the amendments and their impact on the company's financial obligations and structure to be further detailed within the filing.
Why It Matters
This amendment to a material definitive agreement could impact the terms of the company's debt financing and its relationship with Farmer Mac, potentially affecting its borrowing costs and financial flexibility.
Risk Assessment
Risk Level: medium — Amendments to material definitive agreements, especially those involving significant financing, can introduce new risks or alter existing ones related to financial obligations and market conditions.
Key Players & Entities
- NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ (company) — Registrant
- Farmer Mac (company) — Counterparty in Note Purchase Agreement
- Fifth Amended Farmer Mac Note Purchase Agreement (document) — Material Definitive Agreement entered into
FAQ
What is the specific date the Fifth Amended Farmer Mac Note Purchase Agreement was entered into?
The agreement was entered into on January 14, 2025.
What is the name of the company filing this report?
The company filing the report is NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/.
What is the primary purpose of this Form 8-K filing?
The primary purpose is to report the entry into a Material Definitive Agreement, specifically the Fifth Amended Farmer Mac Note Purchase Agreement.
What is the principal executive office address of the registrant?
The principal executive office is located at 20701 Cooperative Way, Dulles, VA 20166-6691.
What is the SEC Act under which this report is filed?
This report is filed under the 1934 Act.
Filing Stats: 761 words · 3 min read · ~3 pages · Grade level 14 · Accepted 2025-01-15 10:40:37
Key Financial Figures
- $6 billion — reases the Maximum Purchase Amount from $6 billion to $6.5 billion Extends the draw perio
- $6.5 billion — imum Purchase Amount from $6 billion to $6.5 billion Extends the draw period for notes from
- $3.5 billion — As of January 14, 2025, the Company has $3.5 billion of secured notes outstanding under the
Filing Documents
- nru-20250114.htm (8-K) — 34KB
- 0000070502-25-000008.txt ( ) — 198KB
- nru-20250114.xsd (EX-101.SCH) — 3KB
- nru-20250114_def.xml (EX-101.DEF) — 8KB
- nru-20250114_lab.xml (EX-101.LAB) — 29KB
- nru-20250114_pre.xml (EX-101.PRE) — 19KB
- nru-20250114_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On January 14, 2025, National Rural Utilities Cooperative Finance Corporation ("CFC") entered into a Fifth Amended and Restated First Supplemental Note Purchase Agreement (the "Supplemental Note Purchase Agreement") with Farmer Mac Mortgage Securities Corporation ("FMMSC"), a subsidiary of Federal Agricultural Mortgage Corporation ("Farmer Mac"), as Purchaser, and Farmer Mac, as Guarantor. This agreement amends the terms for issuing notes under the Amended and Restated Master Note Purchase Agreement, originally dated March 24, 2011, and subsequently amended as follows: First Supplemental Note Purchase Agreement: March 24, 2011 Amended and Restated First Supplemental Note Purchase Agreement: January 8, 2015 Second Amended and Restated First Supplemental Note Purchase Agreement: February 26, 2018 Third Amended and Restated First Supplemental Note Purchase Agreement: May 20, 2021 Fourth Amended and Restated First Supplemental Note Purchase Agreement: June 15, 2022 The Supplemental Note Purchase Agreement: Increases the Maximum Purchase Amount from $6 billion to $6.5 billion Extends the draw period for notes from June 30, 2027, to January 14, 2030 Allows for successive one-year renewals upon sixty days' notice by CFC, subject to approval by Farmer Mac and Farmer Mac Mortgage Securities Corporation As of January 14, 2025, the Company has $3.5 billion of secured notes outstanding under the Master Note Purchase Agreement. Also on January 14, 2025, Farmer Mac, FMMSC, CFC and U.S. Bank National Association, as collateral agent, entered into a Third Amended and Restated Pledge Agreement ( " Amended Pledge Agreement " ), which amends and restates in its entirety the Second Amended, Restated and Consolidated Pledge Agreement, dated as of July 31, 2015. CFC is required to pledge eligible distribution system or power supply system loans as collateral in an amount at least equal to the total principal amount of
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) The following exhibit is filed as part of this report: Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION By: /s/ YU LING WANG Yu Ling Wang Senior Vice President and Chief Financial Officer Dated: January 15, 2025