Annaly opts to convert all 6% series B preferreds into common stock

By Marisa Wong

Madison, Wis., March 27 - Annaly Capital Management, Inc. said it has elected to convert all outstanding shares of its 6% series B cumulative convertible preferred stock into common shares.

The conversion will be effective on April 3.

Annaly will issue 3.0614 common shares per preferred. At this rate, the 771,737 shares of series B preferreds will be converted into 2,362,595 common shares.

In addition, series B preferred holders of record as of March 1 will receive a previously announced dividend of $0.375 per share on April 2. Holders will not be entitled to receive any dividends for the period after March 31.

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

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