SEC Form 424B3 filed by National Rural Utilities Cooperative Finance Corporation
$NRUC
Diversified Financial Services
Finance
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Subject to completion dated May 20, 2025
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Filed under Rule 424(b)(3),
Registration Statement No. 333-275151
Pricing Supplement No. 18
- Dated Tuesday, May 20, 2025
(To: Prospectus Dated October 24, 2023 and Prospectus Supplement
Dated November 1, 2024)
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CUSIP Number
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Principal Amount
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Selling Price
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Gross Concession
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Net Proceeds
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Coupon Type
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Coupon Rate
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Coupon Frequency
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Maturity Date
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1st
Coupon
Date
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1st
Coupon
Amount
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Survivor's Option
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Product Ranking
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63743LAT0
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[]
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100.000%
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3.150%
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[]
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Fixed
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5.750%
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Semi-
Annual
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05/15/2055
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11/15/2025
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$26.35
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Yes
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Subordinated
Notes
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National
Rural Utilities Cooperative Finance Corp
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Offering
Date: Tuesday, May 20, 2025 through Tuesday, May 27,
2025
Trade
Date: Tuesday, May 27,
2025 @12:00 PM ET
Settle
Date: Friday, May 30, 2025
Minimum
Denomination/Increments:$1,000.00/$1,000.00
Initial
trades settle flat and clear SDFS: DTC Book Entry only
DTC
Number: 0235 via RBC Dain Rauscher Inc.
Agents:
InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets,
LLC, Wells Fargo
Clearing Services, LLC
Trustee:
U.S. Bank Trust Company, National Association
If the maturity date or an interest payment date for any note is
not a business
day (as term is defined in prospectus), principal, premium, if any,
and interest
for that note is paid on the next business day, and no interest
will accrue from,
and after, the maturity date or interest payment date.
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National Rural Utilities
Cooperative Finance Corp
Subordinated Notes (Subordinated
Deferrable Interest Notes)
Prospectus dated October 24,
2023 and
Prospectus Supplement dated:
November 1, 2024
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