mcs_ps617.htm
Rule 424 (b) (3)
Registration No. 333-177949
 
CALCULATION OF REGISTRATION FEE
 
Title of Each Class of
Securities Offered
 
Maximum Aggregate
Offering Price
 
Amount of
Registration
Fee(1)(2)
Subordinated Debt Securities
$100,000.00
 
$12.88
 
(1)
Calculated in accordance with Rule 457(r) of the Securities Act of 1933.
 
(2)
The amount in this column has been transmitted to the SEC in connection with the securities offered by means of this pricing supplement.
 
TRADE DATE: June 4, 2014
PRICING SUPPLEMENT NO. 617 DATED June 4, 2014
TO PROSPECTUS SUPPLEMENT DATED October 8, 2013
AND PROSPECTUS DATED November 14, 2011
  
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (“National Rural”)
     
MEMBER CAPITAL SECURITIES
     
Principal Amount:
$100,000.00
 
     
Issue Price:
100% of Principal Amount
 
     
Original Issue Date:
6/9/2014
 
     
Maturity Date:
6/9/2044
 
     
Interest Rate:
5.00%
 
     
Regular Record Dates:
Each March 15 and September 15
 
     
Interest Payment Dates:
Each April 1 and October 1
 
     
First Coupon Date:
10/1/2014
 
     
Product Ranking:
Subordinate to all existing and future senior indebtedness of National Rural and all existing and future subordinated indebtedness of National Rural that is held by or transferrable by non-members of National Rural.
     
Optimal Redemption
Redeemable at the option of National Rural, in whole or in part, at any time after June 9, 2024 at a redemption price equal to 100% of the principal amount to be redeemed together with accrued and unpaid interest, if any, to the redemption date.
     
Option to Extend Interest Payment Period:
National Rural will have the right to extend the interest payment period to a period not exceeding 10 consecutive semi-annual interest payment periods.  At the end of a deferral period, National Rural must pay all interest then accrued and unpaid together with interest thereon at the same rate as specified for the securities.
     
Restrictions on Transfer:
The securities can only be sold or transferred to other National Rural voting members upon the written consent of National Rural.
 
     
Agent's Commission:
None
 
     
Form of Note:
Certificated
 
(Book-Entry or Certificated)
   
     
Denominations / Multiples:
$25,000 / $5,000
 
     
Listing:
None
 
     
Member Capital Securities may be issued by National Rural in an unlimited aggregate principal amount.