Annaly Capital cuts conversion price for 4% notes due to Q3 dividend

By Toni Weeks

San Diego, Oct. 4 - Annaly Capital Management, Inc. said it adjusted the conversion price on its 4% convertible senior notes due 2015 to $16.6364 per common share, effective Sept. 28.

The conversion price was lowered from $17.2243 because of the company's third quarter common stock cash dividend of $0.60 per share.

The new conversion rate is 60.1093 common shares for each $1,000 principal amount of notes, revised from 58.0576 common shares for each $1,000 principal amount.

The company's shares (NYSE: NLY) closed at $15.84 on Oct. 3.

As previously reported, the conversion price was lowered to $17.2243 from $17.8464 per share on June 28, and the conversion rate was adjusted to 58.0576 common shares for each $1,000 principal amount of notes from 56.0338 shares.

Wells Fargo Bank, NA is the trustee.

Annaly is a real estate investment trust based in New York.

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