Annaly Capital Management, Inc. (NYSE: NLY) has priced its public secondary stock offering of 60 million shares of common stock at $16.15 per share. The gross proceeds are about $969.0 million before fees, and approximately $927.6 million on a net basis. Annaly has granted the underwriters a 30-day over-allotment option to purchase up to an additional 9 million shares.
All of the shares are being offered by Annaly, and the company intends to use to purchase mortgage-backed securities and some for for general corporate purposes.
Morgan Stanley and Merrill Lynch are the joint book-running managers, while Credit Suisse and Deutsche Bank Securities are senior co-managers; and Citi, UBS, and JPMorgan are co-managers.
Annaly closed at $16.38 yesterday, down from $16.82 on Monday. Based on that price, its market cap was $7.67 Billion to give a reference for the size of this sale. Shares are down 1.2% at $16.18 in pre-market trading indications with about 1 hour and 45 minutes to the open.
You can join our open email distribution list to hear about other IPO’s, secondary offerings, special financings, mergers, spin-offs, and other special situations.
Jon C. Ogg
May 14, 2008
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.