CFC Issues $400 Million of Subordinated Notes
25 Abril 2013 - 4:58PM
Marketwired
The National Rural Utilities Cooperative Finance Corporation (CFC)
(NYSE: NRU.CL) (NYSE: NRC.CL) has closed on an underwritten public
offering of $400 million of 4.75-percent Fixed-to-Floating Rate
Subordinated Deferrable Interest Notes, due 2043. The hybrid
offering's coupon is a record low for CFC, as well as one of the
lowest for a U.S. hybrid in at least 10 years.
"We moved to take advantage of favorable market conditions, and
I am extremely pleased with investors' reception of this offering,"
CFC CEO Sheldon C. Petersen said. "The historic nature of the
4.75-percent coupon speaks to investor confidence in CFC, as well
as the strength of the electric cooperative network we serve."
Loan volume grew by $566 million during the first three quarters
of CFC's fiscal year 2013 (through Feb. 28, 2013). Loan volume
increased an additional $649 million during March 2013, subsequent
to the end of CFC's third quarter.
"Strengthening CFC's adjusted equity base is a priority in
positioning us to meet member borrowing needs," Petersen added.
CFC intends to use the net proceeds from the offering for
general corporate purposes, including the repayment of short-term
debt and the redemption of previously issued 6.10-percent and
5.95-percent Subordinated Notes, due 2044 and 2045,
respectively.
About CFC The National Rural Utilities
Cooperative Finance Corporation (CFC) is a nonprofit finance
cooperative created and owned by America's electric cooperative
network. With approximately $21 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.
Contacts: Brad Captain Corporate Communications
Email Contact 800-424-2954 Ling Wang Banking & Investor
Relations Email Contact 800-424-2954
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