Sunday, April 21, 2013

Annaly and CreXus Announce Final Results of Annaly Tender Offer


Wellington J.
Denahan
NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly”) and CreXus Investment Corp. (NYSE:CXS) (“CreXus”) announced the final results of the tender offer (the “Offer”), which commenced on March 18, 2013 and expired at 5:00 PM ET on April 16, 2013, whereby through a newly formed subsidiary, CXS Acquisition Corporation (“Acquisition”), Annaly offered to purchase all the shares of CreXus that Annaly does not already own.

Annaly has accepted for purchase 55,225,336 shares of CreXus’ common stock at a purchase price of $13.05206 per share, for an aggregate cost of approximately $720.8 million, excluding fees and expenses relating to the Offer. 

The 55,225,336 shares accepted for purchase in the tender offer increase Annaly’s direct and indirect ownership to approximately 84.5% of CreXus’ common stock.

The final Offer price of $13.05206 per share consists of a price per share of $13.00 plus a payment in lieu of a prorated CreXus dividend of $0.05206 for the period from March 29, 2013 through April 16, 2013 (the date the Offer expired). 

The payment in lieu of a prorated dividend is based on the dividend of $0.25 per share that CreXus paid to holders of record on March 28, 2013, the calendar quarter immediately before the date the Offer expired.

“The expiration of this tender offer and anticipated subsequent closing of a merger between Annaly and CreXus is a meaningful next step in the evolution of Annaly’s capital allocation strategy,” said Wellington J. Denahan, Annaly’s Chairman and Chief Executive Officer.

 “We estimate that this acquisition will be accretive to the 2013 dividend, and the true benefits to the Annaly shareholder will be further realized as we continue to build upon our existing commercial real estate platform.”

For a complete copy of the company’s news release, please contact:

Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly

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