Dynex set to sell $35 million series A cumulative perpetual preferred stock talked around 8.5%

By Stephanie N. Rotondo

Phoenix, July 25 - Dynex Capital Inc. is offering at least $35 million of series A cumulative redeemable perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

Price talk is around 8.5%, according to a trader.

Dividends are payable on the 15th day of January, July, April and October, beginning Oct. 15.

The preferreds can be redeemed on or after July 31, 2017 or in the event of a change of control.

Holders will have no voting rights, unless the company fails to pay dividends for six or more quarters, consecutive or not. Voting rights can also be turned on in other specific events.

Dynex will apply to list the new securities on the New York Stock Exchange under the ticker symbol DXPA.

JPMorgan Securities LLC, Barclays Capital Inc. and Jefferies & Co. are the joint bookrunning managers.

Dynex is a Glen Allen, Va.-based internally-managed mortgage real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.