Dynex Capital directors approve redeeming 9.5% convertible preferreds

By Susanna Moon

Chicago, Sept. 13 - Dynex Capital, Inc. said its board of directors has authorized the company to redeem all 4,221,539 outstanding shares of its series D 9.5% cumulative convertible preferred stock.

Each preferred holder will receive one share of Dynex's common stock in the redemption, which is expected to be completed on Oct. 15.

The preferreds may be redeemed if the company's stock closes at or above $10.00 per share for at least 20 out of 30 consecutive trading days.

Dynex's shares (NYSE: DX) have closed at or above $10.00 per share for 20 out of the most recent 28 trading days, including ending at $10.64 on Sept. 13.

The company said holders will still received the previously announced dividend on the preferreds for the third quarter with a payment date of Oct. 29 because the redemption will not be effective until October.

Based in Glen Allen, Va., Dynex is a real estate investment trust.

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