Two Harbors to increase conversion rate for 6.25% notes due 2022

By Tali Rackner

Minneapolis, March 29 – Two Harbors Investment Corp. said it will increase the conversion rate for its 6.25% convertible senior notes due 2022.

Effective after the close of business on April 2, the conversion rate of the notes will rise to 61.777 common shares per $1,000 principal amount from 61.4698 common shares per $1,000 principal amount.

The rate adjustment is a result of the first-quarter common stock cash dividend of $0.47 per common share, according to a press release.

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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