PRESS RELEASE
Published on February 13, 2003
Exhibit (a)(1)(H)
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT: Kathy Fern
February 12, 2003 804-217-5800
DYNEX CAPITAL, INC.
ANNOUNCES PRELIMINARY RESULTS OF TENDER OFFER
FOR SHARES OF ITS PREFERRED STOCK
Dynex Capital, Inc. (NYSE: DX) announced today the preliminary results of
its cash tender offer and exchange offer of Senior Notes for shares of its
Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock
("Offer") that expired on Tuesday, February 11, 2003. Based on a preliminary
count by the depositary, 615,044 shares of its Series A Preferred Stock were
properly tendered and not withdrawn, 1,000,596 shares of its Series B Preferred
Stock were properly tendered and not withdrawn, and 847,648 shares of its Series
C Preferred Stock were properly tendered and not withdrawn by shareholders. The
Offer commenced on January 8, 2003. The Company had offered to exchange for cash
and/or Senior Notes up to an aggregate of 502,273 shares of its Series A
Preferred Stock, up to an aggregate of 676,202 shares of its Series B Preferred
Stock, and up to an aggregate of 697,376 shares of its Series C Preferred Stock.
The aggregate number of shares of each series of preferred stock includes the
additional amount of shares the Company was allowed to exchange under the Offer.
Subject to final confirmation, the shares tendered in the Offer will be accepted
and exchanged on a pro rata basis pursuant to the terms of the Offer. The
Company will issue the final results of the Offer subsequent to this final
confirmation and the prorating of each series of preferred stock.
Dynex Capital, Inc. is a financial services company that elects to be
treated as a real estate investment trust (REIT) for federal income tax
purposes.
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