) --

Annaly Capital Management

(NLY) - Get Annaly Capital Management, Inc. Report

said it expects gross proceeds of about $2.1 billion from a secondary offering of 120 million shares.

Annaly Capital said late Monday it planned to offer the common shares at $17.70 a share.


real estate investment trust

also granted underwriters a 30y-day option to purchase up to an additional 18 million shares to cover over-allotments.

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Annaly said it will use the capital it raises to fund the purchase of mortgage-backed securities for its investment portfolio and for general corporate purposes, which may include additional investments and repayment of short-term debt.

Credit Suisse Securities

will act as the lead book-running manager for the offering.

BofA Merrill Lynch


Morgan Stanley


UBS Investment Bank


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RCap Securities

will act as joint book-running managers.

Shares of Annaly were 1.8% lower in premarket trading Tuesday after finishing 1.1% lower at $18.32 on Monday.

-- Written by Miriam Marcus Reimer in New York.

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Miriam Reimer


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