8-K: Current report filing
Published on October 18, 2007
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
___________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of
Report (Date of earliest event reported): October 16,
2007
___________
DYNEX
CAPITAL, INC.
(Exact
name of registrant as specified in its charter)
|
Virginia
(State
or other jurisdiction
of
incorporation)
|
1-9819
(Commission
File Number)
|
52-1549373
(IRS
Employer
Identification
No.)
|
|
|
|
|
|
|
|
4551
Cox Road, Suite 300
Glen
Allen, Virginia
(Address
of principal executive offices)
|
23060
(Zip
Code)
|
||
Registrant’s
telephone number, including area code: (804)
217-5800
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item
2.03 Creation of a Direct Financial Obligation or an Obligation Under
an Off-Balance Sheet Arrangement of a Registrant.
On
October 16, 2007, Dynex Capital, Inc. (the “Company”) resold a AAA-rated single
family bond that was initially issued in April 2002 and that had previously
been
redeemed in April 2005. The Company received proceeds of $35.4
million on the sale, which included $0.1 million of accrued interest through
the
date of the sale and represented a $0.8 million discount from the par value
of
$36.1 million. The bond, which has a stated maturity of October 25,
2027, pays interest monthly at one-month LIBOR plus 0.30% (5.43% on the date
of
sale). The bond is recourse only to a pool of seasoned single-family
residential mortgage loans with a principal balance of $91.3 million at
September 30, 2007 that the Company holds and is otherwise non-recourse to
the
Company. The actual maturity date of the bond will depend on payments
received on the underlying pool of loans.
The
amount of the Company’s obligation under this direct financial obligation was
$36.2 million as of October 16, 2007, which includes principal and interest
accrued through that date. The total amount of interest that will be
paid on this bond over its life will vary based on prepayments and losses on
the
underlying pool of loans and changes in the one-month LIBOR rate.
Proceeds
from the sale of the bond are being used for general corporate purposes and
to
pay-down recourse repurchase agreement debt of the Company. As of the
date of this Report, the Company has cash and equivalents of $54.0 million,
and
repurchase agreements outstanding of $20.2 million.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
DYNEX
CAPITAL,
INC.
|
Date:
|
October
16, 2007
|
By:
|
/s/
Stephen J. Benedetti
|
|
Stephen
J. Benedetti
|
|||
|
Principal
Executive Officer
|
|||