Annaly Capital Management adjusts conversion rate on 4% convertibles

By Devika Patel

Knoxville, Tenn., April 7 - Annaly Capital Management, Inc. said it has adjusted the conversion rate and conversion price of its 4% convertible senior notes due 2015, effective March 30.

The convertibles will have a conversion price of approximately $20.6785 per share, lowered from approximately $21.4560 per share.

They will have a conversion rate of 48.3595 common shares for each $1,000 in notes, raised from 46.6070 shares per $1,000 in notes.

The adjustment is required due to the company's previously announced first-quarter common stock cash dividend of $0.65 per common share.

Annaly Capital Management is a real estate investment trust based in New York that owns and manages a portfolio of mortgage-backed securities.

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