CFC Issues $400 Million of Subordinated Notes
4.75-Percent Coupon Is a Record Low for CFC
(firmenpresse) - DULLES, VA -- (Marketwired) -- 04/25/13 -- 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.
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 .
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Datum: 25.04.2013 - 19:58 Uhr
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News-ID 253118
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