Dynex Capital Inc. intends to redeem about 38% or 1.7 million shares of its outstanding 7.625% series B cumulative redeemable preferred stock March 16.
The preferred stock will be redeemed at a price of $25 per share, plus 31.77083 cents in accumulated and unpaid dividends, for an aggregate redemption price of $25.3177083 per share.
Since less than all the outstanding series B preferred shares will be redeemed, the redemption will be on a pro rata basis. Fractional shares will be redeemed for cash.
Written notice of the partial redemption will be mailed on or about March 16 to holders of record as of Feb. 14, according to a news release.