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Annaly Capital Management, Inc. Message Board

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  • tbarbertab62 tbarbertab62 Nov 19, 2012 7:53 PM Flag

    What is the symbol for the preferred shares?

    -PD can't be called till 9/13/2017.
    -PC can't be called till 5/16/2017.

    Plenty of time for these two...

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    • There are ways to redeem prior to that date. I don't understand what exactly could cause one of these 2 scenarios, however they have all seemed to trade down to Par recently. It looked to me that someone thought they could be called.

      Section 6. Redemption.
      (a) The Series C Preferred Stock is not redeemable prior to May 16, 2017 except as described in this Section 6 and except that, as
      provided in this Articles Supplementary, the Corporation may
      purchase or redeem shares of the Series C Preferred Stock prior to that date in order to preserve its qualification as a real estate investment trust
      (“REIT”) for federal income tax purposes.

      ((c) Special Optional Redemption Right. Notwithstanding anything to the contrary contained in Section 6(a), upon the occurrence of a
      Change of Control, the Corporation may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series C Preferred
      Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred

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