Annaly Capital Management, Inc. (NYSE: NLY) has priced its public secondary stock offering of 60 million shares of common stock at $16.15 per share. The gross proceeds are about $969.0 million before fees, and approximately $927.6 million on a net basis. Annaly has granted the underwriters a 30-day over-allotment option to purchase up to an additional 9 million shares.
All of the shares are being offered by Annaly, and the company intends to use to purchase mortgage-backed securities and some for for general corporate purposes.
Morgan Stanley and Merrill Lynch are the joint book-running managers, while Credit Suisse and Deutsche Bank Securities are senior co-managers; and Citi, UBS, and JPMorgan are co-managers.
Annaly closed at $16.38 yesterday, down from $16.82 on Monday. Based on that price, its market cap was $7.67 Billion to give a reference for the size of this sale. Shares are down 1.2% at $16.18 in pre-market trading indications with about 1 hour and 45 minutes to the open.
You can join our open email distribution list to hear about other IPO’s, secondary offerings, special financings, mergers, spin-offs, and other special situations.
Jon C. Ogg
May 14, 2008
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
