NEW YORK--(BUSINESS WIRE)--
Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly”) announced today
that it has completed its acquisition of CreXus Investment Corp. (NYSE:
CXS) (“CreXus”). Annaly’s commercial real estate business will be
operated under the name Annaly Commercial Real Estate Group.
Annaly acquired CreXus pursuant to an Agreement and Plan of Merger dated
January 30, 2013. In accordance with that agreement, CreXus was today
merged with a newly formed CreXus subsidiary in a transaction in which
Annaly became the sole stockholder of CreXus and the persons who owned
CreXus common stock immediately before the merger became entitled to
receive cash equal to $13.05206 for each share of CreXus common stock
that they owned immediately prior to the merger.
Transmittal Forms by which former CreXus stockholders can submit their
CreXus stock certificates in order to receive the cash to which they are
entitled as a result of the merger will be distributed to the persons
who were CreXus stockholders immediately before the merger. American
Stock Transfer & Trust Company LLC is acting as paying agent for the
former CreXus stockholders.
As a result of the merger and related transactions, the New York Stock
Exchange terminated trading in CreXus shares following the close of
trading on May 23, 2013.
About Annaly
Annaly’s principal business objective is to generate net income for
distribution to shareholders from its investment securities and from
dividends it receives from its subsidiaries. Annaly is a Maryland
corporation that has elected to be taxed as a real estate investment
trust.
About CreXus
CreXus acquires, manages and finances, directly or through its
subsidiaries, commercial mortgage loans and other commercial real estate
debt, commercial real property, commercial mortgage-backed securities
and other commercial and residential real estate-related assets. CreXus
will be renamed Annaly Commercial Real Estate Group following the
closing of the merger.
Forward-Looking Statements
This news release and our public documents to which we refer contain or
incorporate by reference certain forward-looking statements that are
based on various assumptions (some of which are beyond our control) 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 for purchase; the
availability of financing and, if available, the terms of any
financings; changes in the market value of our assets; changes in
business conditions and the general economy; our ability to integrate
the commercial mortgage business; our ability to consummate any
contemplated investment opportunities; risks associated with the
businesses of our subsidiaries, including the investment advisory
business of our wholly-owned subsidiaries, including: the removal by
clients of assets managed, their regulatory requirements, and
competition in the investment advisory business; risks associated with
the broker-dealer business of our wholly-owned subsidiary; changes in
government regulations affecting our business; our ability to maintain
our qualification as a REIT for federal income tax purposes; and our
ability to maintain our exemption from registration under the Investment
Company Act of 1940, as amended. For a discussion of the risks and
uncertainties that 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.
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
www.annaly.com
Source: Annaly Capital Management, Inc.