Thornburg holders exchange $9.125 million more floaters for 1,825,354 shares

By Jennifer Chiou

New York, Nov. 7 - Thornburg Mortgage, Inc. issued 1,825,354 shares in exchange for $9.125 million total of its floating-rate junior subordinated notes due January 2036 and floating-rate junior subordinated notes due April 2036 from Nov. 3 through Nov. 7, according to an 8-K filing with the Securities and Exchange Commission.

Since Oct. 23, the company has exchanged a total of $22.125 million of notes for 4,086,195 shares.

On Oct. 31, the company announced that it had agreed to exchange up to $53.5 million principal amount of floating-rate notes due January 2036 and floating-rate notes due April 2036 for up to 8,333,240 of the company's common shares.

As already announced, the exchange price for the notes is 25% of par plus accrued interest.

The number of shares to be received in the offer will equal the exchange price of the notes sold, divided by 95% of the last sale price of the shares just before the sale.

Thornburg is a Santa Fe, N.M., lender specializing in jumbo mortgages.

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