Real estate investment trust (REIT) Annaly Capital Management (NLY) expects to have raised $1.1bn of gross proceeds from its public offering of 60m shares of common stock this week. The company plans to use the proceeds to buy mortgage-backed securities (MBS) for its investment portfolio, and to cover general corporate expenses including additional investments and repayment of short-term indebtedness. The firm announced the public offering Tuesday afternoon. Annaly granted the underwriters a 30-day option to purchase up to an additional 9m shares of common stock to cover any over-allotments. Credit Suisse Securities (CS) acts as the lead book-running manager for the offering. Barclays Capital, Deutsche Bank Securities (DB) and RCap Securities are book-running managers. It marks the latest in a strong year of capital-raising efforts for US REITs, which so far in 2010 raised $22bn in initial, debt and equity capital offerings, according to recent data from the National Association of REITs, NAREIT. Write to Diana Golobay. Disclosure: the author holds no relevant investments.
Annaly Capital Prices $1.1bn in Stock to Buy Mortgage Securities
Most Popular Articles
Latest Articles
Pennymac posts first-quarter profit of $39M
Loan production income shrank in the first quarter, but the company’s servicing business continues to grow
-
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products