Farmland Partners enters $300M secured bond facility with Farmer Mac; $75M bond issued at SOFR+1.50%

Farmland Partners Inc.

Facility provides up to $300M aggregate principal; $25M of prior bonds counted against limit.
Operating Partnership issued $75M variable-rate bond at one-month SOFR + 1.50% with 0.20% unused fee.
Bonds secured by first-lien mortgages on agricultural real estate with loan-to-value ratios up to 60%.
FPI fully guarantees Operating Partnership’s obligations under the facility.
Facility expires December 22, 2025; no further bonds issuable after that date.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Farmland Partners Inc. amended Bond Purchase Agreement with Federal Agricultural Mortgage Corporation and its wholly owned subsidiary, Farmer Mac Mortgage Securities Corporation (collectively "Farmer Mac") valued at $300 million (effective 2022-12-22).

Action: amendment
Agreement: credit facility
Counterparty: Federal Agricultural Mortgage Corporation and its wholly owned subsidiary, Farmer Mac Mortgage Securities Corporation (collectively "Farmer Mac")
Value: $300 million
Effective: 2022-12-22

Exact text from the filing

On December 22, 2022, Farmland Partners Operating Partnership, LP (the “Operating Partnership”), the operating partnership of Farmland Partners Inc. (the “Company”), entered into the second amended and restated bond purchase agreement (the “Bond Purchase Agreement”) with Federal Agricultural Mortgage Corporation and its wholly owned subsidiary, Farmer Mac Mortgage Securities Corporation, (collectively “Farmer Mac”), regarding a secured bond purchase facility (the “Farmer Mac Facility”) for up to an aggregate principal amount of $300 million.

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Farmland Partners Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-129889

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