NEW YORK--(BUSINESS WIRE)--
Annaly Capital Management, Inc. (NYSE: NLY)
(the “Company” or “Annaly”) today announced that it has priced a public
offering of 65,000,000 shares of its common stock, for expected gross
proceeds of approximately $780 million before deducting estimated
offering expenses. The offering is subject to customary closing
conditions and is expected to close on or about October 11, 2017.
In connection with the offering, Annaly has granted the underwriters a
thirty-day option to purchase up to an additional 9,750,000 shares of
common stock.
Annaly intends to use the net proceeds of this offering to acquire
targeted assets under the Company’s capital allocation policy, which may
include further diversification of its investments in Agency assets as
well as residential, commercial and corporate credit assets. These
investments include, without limitation, residential credit assets
(including residential mortgage loans), middle market corporate debt,
Agency MBS pools, to-be-announced forward contracts, adjustable rate
mortgages, commercial real estate loans and securities and mortgage
servicing rights. Annaly also intends to use the net proceeds for
general corporate purposes, including, without limitation, to pay down
obligations and other working capital items.
Credit Suisse, BofA Merrill Lynch, Goldman Sachs & Co. LLC and Wells
Fargo Securities are acting as joint book-running managers for the
offering. Citigroup and RBC Capital Markets are acting as co-managers
for the offering. The underwriters propose to offer the shares of common
stock for sale from time to time in negotiated transactions or
otherwise, at market prices prevailing at the time of sale, at prices
related to such prevailing market prices or at negotiated prices.
Annaly has filed a shelf registration statement and prospectus with the
Securities and Exchange Commission (the “SEC”), and has filed a
prospectus supplement for the offering to which this communication
relates. Before you invest in the offering, you should read the
prospectus supplement and the accompanying prospectus and other
documents Annaly has filed with the SEC for more complete information
about Annaly and the offering. You may obtain these documents for free
by visiting EDGAR on the SEC website at http://www.sec.gov.
Alternatively, Annaly, the underwriters or any dealer participating in
the offering will arrange to send you the prospectus supplement and
accompanying prospectus if you request them by contacting:
Credit Suisse Securities (USA) LLC
Attn: Prospectus Department
One
Madison Avenue
New York, NY 10010
Telephone: 1-800-221-1037
Or
by email: [email protected]
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock, nor shall there
be any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
About Annaly
Annaly is a leading diversified capital manager that invests in and
finances residential and commercial assets. Annaly’s principal business
objective is to generate net income for distribution to its stockholders
through capital preservation, prudent selection of investments, and
continuous management of its portfolio. Annaly has elected to be taxed
as a real estate investment trust, or REIT, for federal income tax
purposes. Annaly is externally managed by Annaly Management Company LLC.
Forward-Looking Statements
This news release, other written or oral communications, and our public
documents to which we refer contain or incorporate by reference certain
forward-looking statements which are based on various assumptions (some
of which are beyond our control) and may be identified by reference to a
future period or periods or by the use of forward-looking terminology,
such as “may,” “will,” “believe,” “expect,” “anticipate,” “continue,” or
similar terms or variations on those terms or the negative of those
terms. Actual results could differ materially from those set forth in
forward-looking statements due to a variety of factors, including, but
not limited to, changes in interest rates; changes in the yield curve;
changes in prepayment rates; the availability of mortgage-backed
securities and other securities for purchase; the availability of
financing and, if available, the terms of any financing; changes in the
market value of our assets; changes in business conditions and the
general economy; our ability to grow our commercial real estate
business; our ability to grow our residential mortgage credit business;
our ability to grow our middle market lending business; credit risks
related to our investments in credit risk transfer securities,
residential mortgage-backed securities and related residential mortgage
credit assets, commercial real estate assets and corporate debt; risks
related to investments in mortgage servicing rights; our ability to
consummate any contemplated investment opportunities; changes in
government regulations and policy affecting our business; our ability to
maintain our qualification as a REIT for U.S. federal income tax
purposes; our ability to maintain our exemption from registration under
the Investment Company Act of 1940, as amended; and our ability to
accurately estimate our preliminary estimates of purchases and
originations of credit assets and purchases of Agency mortgage-backed
securities at September 30, 2017. For a discussion of the risks and
uncertainties which could cause actual results to differ from those
contained in the forward-looking statements, see “Risk Factors” in our
most recent Annual Report on Form 10-K and any subsequent Quarterly
Reports on Form 10-Q. We do not undertake, and specifically disclaim any
obligation, to publicly release the result of any revisions which may be
made to any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date of
such statements, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171006005403/en/
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
[email protected]
Source: Annaly Capital Management, Inc.