Annaly Capital lowers conversion rate on 4% convertibles due 2015

By Ashley Montgomery

Kansas City, Kan., Jan. 3 - Annaly Capital Management, Inc. said it adjusted the conversion price on its 4% convertible senior notes due 2015 to $16.0686 from $16.6364 per common share.

The adjustment, effective Dec. 27, was made as a result of the company's fourth quarter 2011 common stock cash dividend of $0.57 per share.

The new conversion rate is 62.2331 common shares for each $1,000 principal amount of notes, down from 60.1093.

The company's shares (NYSE: NLY) closed at $15.96 on Dec. 30.

Wells Fargo Bank, NA is the trustee.

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

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