Banking, finance, and taxes
What Mortgage Mess? Annaly Raises Over $900 Million In Secondary (NLY, CIM)
Published:
Last Updated:
Annaly Capital Management, Inc. (NYSE: NLY) has set the price for its public offering of 51,000,000 shares of common stock at $19.25 per share. All of the shares are being offered by Annaly rather than by shareholders and it intends to use the proceeds to purchase mortgage-backed securities and for general corporate purposes.
It has a rather large underwriting group. Merrill Lynch and Morgan Stanley are the joint book-running managers; and UBS, Wachovia, Credit Suisse, Keefe Bruyette & Woods, and then RBC Capital Markets are listed as co-managers. Underwriters have a 30-day option to purchase up to an additional 7,650,000 shares of common stock to cover over-allotments.
This secondary will generate estimated gross proceeds of approximately $981.8 million before fees, and the estimated net proceeds to the Company from this offering after expenses are expected to be approximately $939.8 million, which the Company The Company expects to close the transaction on or about January 29, 2008, subject to the satisfaction of customary closing conditions.
Annaly’s market cap as of the close was $7.9 Billion, and its 52-week trading range is $12.14 to $20.22. This secondary out of Annaly will probably be getting plenty of attention from the media on Thursday and Friday as the company isn’t having to pander to or cater to any stringent demands as others have in the current state of the financial sector.
Jon C. Ogg
January 23, 2008
Join our open email distribution list to get previews on IPO’s, secondaries, merger-arb, spin-offs, reorganizations, and other special situations.
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.