Annaly lowers conversion price for 4% convertible notes due 2015

By Marisa Wong

Madison, Wis., Jan. 4 - Annaly Capital Management, Inc. announced an adjustment to the conversion rate for its 4% convertible senior notes due 2015.

The conversion price was lowered to $18.4812 from $19.1556 per share, effective Dec. 23. The new conversion rate for each $1,000 principal amount of notes is 52.1089 common shares, adjusted from 50.2040 shares.

The conversion rate adjustment follows the company's previously announced fourth-quarter 2010 common stock cash dividend of $0.64 per share.

Wells Fargo Bank, NA is the trustee.

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

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