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Annaly prices 60 million shares offering at $16.50

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By AP
14 May 2008 @ 07:30 am EST

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NEW YORK - Annaly Capital Management Inc. priced its offering of 60 million shares at $16.15 apiece, the asset manager said Wednesday.

Quotes

NLY

13.11

-1.26

The price represents a 1 percent discount to the stock's Tuesday close of $16.38. In electronic premarket trading, the shares fell 18 cents to $16.20.

Annaly plans to use the estimated net proceeds of about $927.6 million to buy mortgage-backed securities.

Many financial institutions have curbed business in mortgage-related investments after a spike in home-loan defaults led to steep losses that prompted government intervention to assist the financial markets.

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