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