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Annaly Capital Management, Inc. — Preferred Stock Offering
Company: Annaly Capital Management, Inc.
Date announced: 7/25/2017
Shares Offered: 28,000,000
Date of Pricing: 7/25/2017
Price Per Share: $25.00
Preferred Stock Offering Details: Annaly Capital Management, Inc. (NYSE:NLY), a Maryland corporation, ("Annaly" or the "Company") today announced that it has priced a public offering of an original issuance of 28 million shares of its 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the "Series F Preferred Stock"), liquidation preference $25.00 per share, for gross proceeds of approximately $700 million before deducting the underwriting discount and other estimated offering expenses. The offering is subject to customary closing conditions and is expected to close on or about July 31, 2017. The Company intends to apply to list the Series F Preferred Stock on the New York Stock Exchange under the symbol "NLYPrF." In connection with the offering, Annaly has granted the underwriters a thirty-day option to purchase up to an additional 4.2 million shares of Series F Preferred Stock solely to cover over-allotments.
Annaly Capital Management is a real estate finance company. Co. owns a portfolio of real estate related investments, such as collateralized mortgage obligations, Agency debentures, and mortgage servicing rights. Co.'s investment groups are comprised of agency, which invests in agency mortgage-backed securities and related derivatives; residential credit, which invests in non-agency mortgage-backed assets within securitized products and residential mortgage loan markets; commercial real estate, which invests in commercial mortgage loans, securities, and other commercial real estate investments; and middle market lending, which provides customized debt financing to middle-market businesses.
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