Dynex to call notes

New York, Feb. 12 - Dynex Capital Inc. said it plans to redeem its $10.1 million of senior notes due February 2005 in connection with the quarterly payment due March 1.

The Glen Allen, Va., financial services company issued the notes as part of a tender offer for its preferred stock completed in February 2003.

The redemption of the senior notes is part of a recapitalization announced on Jan. 8.

Intended to improve shareholder value by simplifying the capital structure and eliminating dividends in arrears on the existing preferred stock, the recapitalization involves the exchange of existing series A, B and C preferred stock for new senior notes due 2007.

Dynex is also seeking to amend its articles of incorporation to convert the three series of preferreds into a new series D of preferred stock.

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