Thornburg Mortgage offers 8% redeemable preferreds

By Paul A. Harris

St. Louis, May 24 - Thornburg Mortgage plans to sell an unspecified amount of its 8% series C cumulative redeemable preferred shares, according to a supplemental prospectus filed Tuesday with the Securities and Exchange Commission.

Neither deal size nor timing was announced in the supplemental prospectus, and the company did not immediately return a call late Tuesday from Prospect News.

Bear Stearns & Co., UBS Investment Bank and Piper Jaffray are the bookrunners.

The company announced a $25.00 per share liquidation preference.

The shares are listed on the New York Stock Exchange under the symbol "TMA PrC." The last reported sale price Monday was $26.25 per share, according to the filing.

The shares may not be redeemed before March 22, 2010, except in limited circumstances to preserve the company's status as a real estate investment trust.

The company is a Santa Fe, N.M.-based REIT focused on single-family residential business.

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