Annaly Capital cuts conversion price of 4% convertibles due 2015

By Jennifer Chiou

New York, Jan. 5 – Annaly Capital Management, Inc. announced that it lowered the conversion price of its 4% convertible senior notes due 2015 to $11.269 per share from $11.5772 per share.

According to a press release, the adjustment is effective as of Dec. 29 and occurred after the company’s previously announced fourth-quarter cash dividend of $0.30 per share.

The new conversion rate is 88.7389 shares for each $1,000 principal amount of notes, up from 86.3764 shares previously.

The company’s shares closed at $10.93 (NYSE: NLY) on Monday.

Annaly is a New York-based real estate investment trust and asset manager.

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