Capstead Mortgage registers up to $22.13 million series B convertibles

By Jennifer Chiou

New York, Feb. 23 - Capstead Mortgage Corp. registered to sell up to 1,495,548 shares of its $1.26 series B cumulative convertible preferred stock in a 424B5 filing with the Securities and Exchange Commission.

The Dallas real estate investment trust plans to sell the preferreds at a proposed maximum price of $14.80 each. At the maximum price, the preferreds would have a total sales price of $22.13 million.

The preferreds have a liquidation preference of $11.38 each. The conversion ratio is 0.598 shares of common stock per preferred.

Brinson Patrick Securities Corp. is the sales manager for the best-efforts transactions that will take place from time to time.

The preferreds are listed on the New York Stock Exchange under the symbol "CMOPRB." Following the offering, up to 17,819,263 of the preferreds will be outstanding.

Proceeds will be used for general corporate purposes.

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