Annaly Capital Management Inc. priced a public offering of 65 million common shares.

Annaly also granted the underwriters an option to purchase up to an additional 9,750,000 common shares.

The expected gross proceeds from the offering, before deducting estimated offering expenses, are about $780 million. The offering is subject to customary closing conditions and is expected to close on or about Oct. 11.

As earlier disclosed, Annaly intends to use the net proceeds to acquire targeted assets under its capital allocation policy. It may also use the net proceeds for general corporate purposes, including, to pay down obligations and other working capital items.

Credit Suisse, BofA Merrill Lynch, Goldman Sachs & Co. LLC and Wells Fargo Securities are acting as joint book-running managers for the offering. Citigroup and RBC Capital Markets are acting as co-managers.