Fannie Mae 2013 Annual Report Download - page 291

FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
F-67
Preferred Stock
The following table displays our senior preferred stock and preferred stock outstanding as of December 31, 2013 and 2012.
Issued and Outstanding as of December 31,
Annual
Dividend
Rate as of
December 31,
2013
2013 2012 Stated
Value per
ShareTitle Issue Date Shares Amount Shares Amount Redeemable on
or After
(Dollars and shares in millions, except per share amounts)
Senior Preferred Stock
Series 2008-2 . . . . . September 8, 2008 1 $ 117,149 1 $ 117,149 $ 117,149 (1) N/A (2) N/A (3)
Preferred Stock
Series D . . . . . . . . . September 30, 1998 3 $ 150 3 $ 150 $ 50 5.250 % September 30, 1999
Series E . . . . . . . . . April 15, 1999 3 150 3 150 50 5.100 April 15, 2004
Series F. . . . . . . . . . March 20, 2000 14 690 14 690 50 0.230 (4) March 31, 2002 (5)
Series G . . . . . . . . . August 8, 2000 6 288 6 288 50 0.080 (6) September 30, 2002 (5)
Series H . . . . . . . . . April 6, 2001 8 400 8 400 50 5.810 April 6, 2006
Series I . . . . . . . . . . October 28, 2002 6 300 6 300 50 5.375 October 28, 2007
Series L . . . . . . . . . April 29, 2003 7 345 7 345 50 5.125 April 29, 2008
Series M . . . . . . . . . June 10, 2003 9 460 9 460 50 4.750 June 10, 2008
Series N . . . . . . . . . September 25, 2003 5 225 5 225 50 5.500 September 25, 2008
Series O . . . . . . . . . December 30, 2004 50 2,500 50 2,500 50 7.000 (7) December 31, 2007
Convertible Series
2004-I(8). . . . . . . December 30, 2004 — 2,492 — 2,492 100,000 5.375 January 5, 2008
Series P. . . . . . . . . . September 28, 2007 40 1,000 40 1,000 25 4.500 (9) September 30, 2012
Series Q . . . . . . . . . October 4, 2007 15 375 15 375 25 6.750 September 30, 2010
Series R(10) . . . . . . . November 21, 2007 21 530 21 530 25 7.625 November 21, 2012
Series S. . . . . . . . . . December 11, 2007 280 7,000 280 7,000 25 7.750 (11) December 31, 2010 (12)
Series T(13) . . . . . . . May 19, 2008 89 2,225 89 2,225 25 8.250 May 20, 2013
Total. . . . . . . . . . . . 556 $ 19,130 556 $ 19,130
__________
(1) Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with
Treasury, the stated value per share on December 31, 2013 was $117,149.
(2) For the dividend period ended December 31, 2013, the dividend is calculated based on our net worth as of September 30, 2013, less the
applicable capital reserve amount of $3.0 billion. Starting with the dividend period beginning January 1, 2014, the applicable capital
reserve amount will be $2.4 billion for each dividend period in 2014 and will continue to be reduced by $600 million each year until it
reaches zero on January 1, 2018. For each dividend period beginning in 2018, the dividend amount will be the entire amount of our net
worth, if any, as of the end of the immediately preceding fiscal quarter.
(3) Any liquidation preference of our senior preferred stock in excess of $1.0 billion may be repaid through an issuance of common or
preferred stock, which would require the consent of the conservator and Treasury. The initial $1.0 billion liquidation preference may be
repaid only in conjunction with termination of the senior preferred stock purchase agreement. The provisions for termination under the
senior preferred stock purchase agreement are very restrictive and cannot occur while we are in conservatorship.
(4) Rate effective March 31, 2012. Variable dividend rate resets every two years at a per annum rate equal to the two-year Maturity U.S.
Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year.
(5) Represents initial call date. Redeemable every two years thereafter.
(6) Rate effective September 30, 2012. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate
minus 0.18% with a cap of 11% per year.