-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jkp29T4eH2g3ynU589TiDKmbOd5mROId4VBfXlt3VWC1nwWC9b0j25AVXJbTBkQE 4WnyH8u2IiGSfB8La9Z0Ng== 0000826675-08-000062.txt : 20080602 0000826675-08-000062.hdr.sgml : 20080602 20080411150935 ACCESSION NUMBER: 0000826675-08-000062 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080411 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYNEX CAPITAL INC CENTRAL INDEX KEY: 0000826675 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 521549373 STATE OF INCORPORATION: VA FISCAL YEAR END: 0326 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 4551 COX RD STREET 2: STE 300 CITY: GLEN ALLEN STATE: VA ZIP: 23060 BUSINESS PHONE: 8042175815 MAIL ADDRESS: STREET 1: 4551 COX RD STREET 2: STE 300 CITY: GLEN ALLEN STATE: VA ZIP: 23060 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCE MORTGAGE CAPITAL INC/VA DATE OF NAME CHANGE: 19930722 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCE MORTGAGE INVESTMENT CORP DATE OF NAME CHANGE: 19930505 FORMER COMPANY: FORMER CONFORMED NAME: RAC MORTGAGE INVESTMENT CORP /VA/ DATE OF NAME CHANGE: 19930505 CORRESP 1 filename1.htm body.htm

 
TROUTMAN SANDERS LLP
  
   
 
ATTORNEYS AT LAW
A LIMITED LIABILITY PARTNERSHIP
  
     
 
222 Central Park Avenue
Suite 2000
VIRGINIA BEACH, VIRGINIA  23462
www.troutmansanders.com
TELEPHONE:  757-687-7500
FACSIMILE:  757-687-751
  


James J. Wheaton
Jim.Wheaton@troutmansanders.com
  
Direct Dial:                     757-687-7719
Direct Fax:                      757-687-1501

April 11, 2008



Via EDGAR and Facsimile

Mr. Thomas Kluck
Branch Chief
Securities & Exchange Commission
100 F Street, N.E.
Washington, D.C.  20549

Re:       Dynex Capital, Inc.
Amendment No. 1 to Registration Statement on Form S-3
Filed March 27, 2008
File No. 333-149475                                                                                        

 
Dear Mr. Kluck:

Our response to the staff’s comment in the April 10, 2008 comment letter is set forth below.  To facilitate your review, the comment has been set forth below in italics and is followed by our response.

General:

1.
We note your response to comment 1 of our letter dated March 17, 2008 and the inclusion of the Form of Indenture as exhibit 4.3 for both the subordinated and senior debt.  Because the indenture is qualified upon effectiveness of the registration statement pursuant to Section 309 of the Trust Indenture Act of 1939, an actual indenture should be filed as an exhibit to this registration statement prior to its effectiveness.  As such, please file the actual indenture, which may be “open-ended.”  Please refer to Interpretive response 201.04 located at http://www.sec.gov/divsions/corpfin/guidance/tiainterp.htm.  Also, we note that you have included only one indenture for both your senior and subordinated debt securities.  Please reconcile your exhibits with the disclosure on page 11 that the senior and subordinated debt securities will be issued under separate indentures.
 

ATLANTA • HONG KONG • LONDON • NEW YORK • NEWARK • NORFOLK • RALEIGH
RICHMOND • SHANGHAI • TYSONS CORNER • VIRGINIA BEACH • WASHINGTON, D.C.
 
 
 
TROUTMAN SANDERS LLP
          ATTORNEYS AT LAW
           A LIMITED LIABILITY PARTNERSHIP




Mr. Kluck
April 11, 2008
Page 2




Response:
 
In response to the staff’s comment, the Company has filed separate senior and subordinated indentures as Exhibits 4.3 and 4.4, respectively, to the registration statement.  Each of these indentures is an open-ended indenture, as is now indicated in the exhibit list.
 
*       *       *       *       *

We respectfully submit the foregoing for your consideration in response to your comment letter dated April 10, 2008.  If you have any further questions concerning this filing, please feel free to contact me directly at (757) 687-7719.

 
Very truly yours,
   
 
/s/ James J. Wheaton
   
 
James J. Wheaton



cc:           Mr. Duc Dang, Securities & Exchange Commission
Mr. Stephen J. Benedetti, Dynex Capital, Inc.
Nicole A. Skinner, Esq.


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