Two Harbors makes two changes to conversion rate for 6.25% notes

By Susanna Moon

Chicago, Nov. 16 – Two Harbors Investment Corp. said it increased the conversion rate for its 6.25% convertible senior notes due 2022.

The conversion rate was adjusted to 122.3704 common shares per $1,000 principal amount, effective retroactively to Oct. 20, which is the record date for the stock dividend. Subsequently, the conversion rate was further adjusted to 61.1851 common shares per $1,000 principal amount as a result of the reverse stock split, effective as of Nov. 1.

The adjustments were made as a result of the company’s special stock dividend of common shares of Granite Point Mortgage Trust Inc. and the 1-for-2 reverse stock split of the outstanding shares of Two Harbors common stock, which closed Nov. 1, according to a company announcement.

The company’s stock (NYSE: TWO) closed at $15.41 on Wednesday.

Two Harbors is a New York-based real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights, commercial real estate and other financial assets.

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