Thornburg Begins Exchange Offer

Thornburg Mortgage Inc., Santa Fe, N.M., has announced an exchange offer of $200 million of 8% senior notes due 2013 for the same amount of 8% senior notes issued in a private placement in May.As part of the earlier transaction, Thornburg had agreed to file a registration statement with the Securities and Exchange Commission to register and facilitate resales of the new notes. "We believe this transaction provided us with an opportunity to further diversify our long-term capital sources," said Larry Goldstone, Thornburg's president and chief operating officer. "We continue to see attractive mortgage asset acquisition opportunities in both our wholesale and origination channels, and believe adding capital at a cost of 8% should have a positive impact on earnings and earnings per share." Thornburg can be found online at http://www.thornburg.com.