Annaly Capital Management, Inc. Announces Pricing of Common Stock Offering
NEW YORK--(BUSINESS WIRE)--July 12, 2007--Annaly Capital Management, Inc. (NYSE:
NLY) (the "Company" or "Annaly") announced today that it has set the price for
the public offering of 47,000,000 shares of common stock at $14.00 per share for
estimated gross proceeds of approximately $658.0 million. Annaly has granted the
underwriters a 30-day option to purchase up to an additional 7,050,000 shares of
common stock to cover over-allotments. All of the shares are being offered by
Annaly.
The estimated net proceeds to the Company from this offering after expenses are
expected to be approximately $626.5 million, which the Company intends to use to
purchase mortgage-backed securities and for general corporate purposes. The
Company expects to close the transaction on or about July 18, 2007, subject to
the satisfaction of customary closing conditions.
Merrill Lynch & Co. is acting as sole book-running manager for the offering.
Citi and UBS Investment Bank are acting as joint lead managers, with Bear,
Stearns & Co. Inc., Credit Suisse, JPMorgan, Keefe, Bruyette & Woods and RBC
Capital Markets acting as co-managers. Information about the offering is
available in the prospectus supplement and the accompanying prospectus of the
offering filed with the Securities and Exchange Commission. Copies of the
prospectus supplement can be obtained from Merrill Lynch's prospectus department
at 4 World Financial Center, New York, NY 10080; Phone 212-449-1000.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of the common shares in any state
or jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state or jurisdiction. Any offering of common shares is being made only by means
of a written prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
Annaly manages assets on behalf of institutional and individual investors
worldwide through Annaly and through the funds managed by its wholly-owned
registered investment advisor, FIDAC. The Company's principal business objective
is to generate net income for distribution to investors from the spread between
the interest income on its mortgage-backed securities and the cost of borrowing
to finance their acquisition and from dividends Annaly receives from FIDAC,
which earns investment advisory fee income. The Company is a Maryland
corporation that has elected to be taxed as a real estate investment trust
("REIT").
This news release and our public documents to which we refer contain or
incorporate by reference certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements which 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 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 financing, changes in the market value of our
assets, changes in business conditions and the general economy, FIDAC's clients'
removal of assets FIDAC manages, FIDAC's regulatory requirements, and
competition in the investment management business, changes in government
regulations affecting our business, and our ability to maintain our
qualification as a REIT for federal income tax purposes. 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 Annual
Report on Form 10-K for the fiscal year ended December 31, 2006, in our
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2007 and in
the prospectus supplement relating to the offering. 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.
CONTACT: Annaly Capital Management, Inc.
Investor Relations, 1-888-8Annaly
www.annaly.com
SOURCE: Annaly Capital Management, Inc.
