Annaly Capital Management, Inc. Announces Pricing of Public Offering of Common Stock
September 12 2018 - 7:34AM
Business Wire
Annaly Capital Management, Inc. (NYSE:NLY) (the “Company” or
“Annaly”) today announced that it has priced a public offering of
75,000,000 shares of its common stock, for expected gross proceeds
of approximately $763 million before deducting estimated offering
expenses. The offering is subject to customary closing conditions
and is expected to close on or about September 14, 2018.
In connection with the offering, Annaly has granted the
underwriters a thirty-day option to purchase up to an additional
11,250,000 shares of common stock.
Annaly intends to use the net proceeds of this offering to
acquire targeted assets under the Company’s capital allocation
policy, which may include further diversification of its
investments in Agency assets as well as residential, commercial and
corporate credit assets. These investments include, without
limitation, residential credit assets (including residential
mortgage loans), middle market corporate debt, Agency MBS pools,
to-be-announced forward contracts, adjustable rate mortgages,
mortgage servicing rights and commercial real estate loans, equity
and securities. Annaly also intends to use the net proceeds for
general corporate purposes, including, without limitation, to pay
down obligations and other working capital items.
Credit Suisse, Goldman Sachs & Co. LLC, Wells Fargo
Securities, BofA Merrill Lynch, Barclays, Citigroup, J.P. Morgan,
Morgan Stanley, RBC Capital Markets and UBS Investment Bank are
acting as joint book-running managers for the offering. Keefe,
Bruyette & Woods, A Stifel Company and Sandler O’Neill +
Partners, L.P. are acting as co-managers for the offering. The
underwriters propose to offer the shares of common stock for sale
from time to time in negotiated transactions or otherwise, at
market prices prevailing at the time of sale, at prices related to
such prevailing market prices or at negotiated prices.
Annaly has filed a shelf registration statement and prospectus
with the Securities and Exchange Commission (the “SEC”), and has
filed a prospectus supplement for the offering to which this
communication relates. Before you invest in the offering, you
should read the prospectus supplement and the accompanying
prospectus and other documents Annaly has filed with the SEC for
more complete information about Annaly and the offering. You may
obtain these documents for free by visiting EDGAR on the SEC
website at http://www.sec.gov. Alternatively, Annaly, the
underwriters or any dealer participating in the offering will
arrange to send you the prospectus supplement and accompanying
prospectus if you request them by contacting:
Credit Suisse Securities (USA) LLCAttn: Prospectus DepartmentOne
Madison AvenueNew York, NY 10010Telephone: 1-800-221-1037Or by
email: newyork.prospectus@credit-suisse.com
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About Annaly
Annaly is a leading diversified capital manager that invests in
and finances residential and commercial assets. Annaly’s principal
business objective is to generate net income for distribution to
its stockholders and to preserve capital through prudent selection
of investments and continuous management of its portfolio. Annaly
has elected to be taxed as a real estate investment trust, or REIT,
for federal income tax purposes. Annaly is externally managed by
Annaly Management Company LLC.
Forward-Looking Statements
This news release, other written or oral communications, and our
public documents to which we refer contain or incorporate by
reference certain forward-looking statements which are based on
various assumptions (some of which are beyond our control) and may
be identified by reference to a future period or periods or by the
use of forward-looking terminology, such as “may,” “will,”
“believe,” “expect,” “anticipate,” “continue,” or similar terms or
variations on those terms or the negative of those terms. Actual
results could differ materially from those set forth in
forward-looking statements due to a variety of factors, including,
but not limited to, changes in interest rates; changes in the yield
curve; changes in prepayment rates; the availability of
mortgage-backed securities and other securities for purchase; the
availability of financing and, if available, the terms of any
financing; changes in the market value of our assets; changes in
business conditions and the general economy; our ability to grow
our commercial real estate business; our ability to grow our
residential mortgage credit business; our ability to grow our
middle market lending business; credit risks related to our
investments in credit risk transfer securities, residential
mortgage-backed securities and related residential mortgage credit
assets, commercial real estate assets and corporate debt; risks
related to investments in mortgage servicing rights; our ability to
consummate any contemplated investment opportunities; changes in
government regulations and policy affecting our business; our
ability to maintain our qualification as a REIT for U.S. federal
income tax purposes; our ability to maintain our exemption from
registration under the Investment Company Act of 1940, as amended;
and any potential business disruption following the acquisition of
MTGE Investment Corp., which we completed on September 7, 2018. For
a discussion of the risks and uncertainties which could cause
actual results to differ from those contained in the
forward-looking statements, see “Risk Factors” in our most recent
Annual Report on Form 10-K and our subsequent Quarterly Reports on
Form 10-Q. We do not undertake, and specifically disclaim any
obligation, to publicly release the result of any revisions which
may be made to any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances
after the date of such statements, except as required by law.
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Annaly Capital Management, Inc.Investor
Relations1-888-8Annalyinvestor@annaly.com
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