Annaly Capital Prices Fixed-to-Floating Rate Preferred

As announced earlier today mortgage REIT giant Annaly Capital (NYSE:NLY) has sold a new fixed to floating rate preferred issue.

They  have priced 17 million shares of the new issue at 6.50%.  There are 2.55 million shares for overallotment if needed.

Annaly will use the proceeds to redeem the NLY-E issue which is outstanding and carries a coupon of 7.625%.  Additionally they will partially redeem the NLY-C issue which is outstanding and also carries a 7.625% coupon

Pricing documents are here.

Shares will start trading on the OTC Grey market on Tuesday under the temporary ticker symbol ACMGP

Further details are here.