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Fannie Mae, Variable Rate Non-Cumulative Preferred Stock, Series O
Ticker Symbol: FNMFN CUSIP: 313586794 Exchange: OTCBB
Security's Distribution is Suspended!
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Fannie Mae (Federal National Mortgage Assoc.), Variable Rate Non-Cumulative Preferred Stock, Series O, liquidation preference $50 per share, redeemable at the issuer's option on or after 12/31/2007 at $52.50 per share which declines to $50 per share after 12/31/2018 (see the schedule in section 3 of the prospectus) plus declared and unpaid dividends, with no stated maturity, and with variable rate noncumulative distributions paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the date fixed by the board, not more than 45 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. The initial dividend rate is 7.00% ($3.50) per year. The dividend rate will reset on the second business day prior to the beginning of a new dividend period and shall be the greater of 7.00% or the sum of the Ten-year CMT Rate plus 2.375%. See the Fannie Mae news releases on their website for information on the periodic resetting of the dividend rates. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (FNMA)
Notes: February 15, 2007 -- Fannie Mae today announced that its Board of Directors has approved the redemption of all eight million outstanding shares of the company's Variable Rate Non-Cumulative Preferred Stock, Series K, with an aggregate stated value of $400 million, in accordance with the Certificate of Designation of Terms of the Series K preferred stock. "Redeeming costly variable-rate preferred stock in this rising rate environment will result in millions of dollars in annual after-tax savings for the Company going forward," said Chief Financial Officer Robert Blakely. "This action is consistent with our responsibility to manage our shareholders' capital prudently." Fannie Mae also announced earlier this year that the Company will redeem all outstanding shares of its Variable Rate Non-Cumulative Preferred Stock, Series J, with an aggregate stated value of $700 million, on February 28, 2007. Outstanding shares of Series K preferred stock will be redeemed on April 2, 2007, at a redemption price of $50 per share plus a dividend, which will accrue at the Swap Rate (as defined in the Series K Certificate of Designation) plus 1.33 percent for the period from and including March 31, 2007, to but excluding April 2, 2007.
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IPO - 1/4/2005 - 50.00 Million Shares @ $50.00 /share.
Link to IPO Prospectus
Market Value $2.5 Billion
Click for current FNMFN price quote from the PINK SHEETS
Click for current FNMFN price quote from the NASDAQ
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 3900 Wisconsin Avenue NW, Washington, DC 20016 |
| Main Phone Number |
202-752-7000 |
| Fax Number |
202-752-4447 |
| Investor Relations
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202-752-7115
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| Toll Free Phone Number |
800-732-6643 |
| CEO - Hugh R. Frater |
CFO - Chryssa C. Halley |
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