Thornburg Gets Majority Consent on Offer

Thornburg Mortgage, Santa Fe, N.M., has received a majority consent to amend its preferred stock tender offer. The amendment changes the requirement that a tender offer for preferred stock result in the tender of at least 90% of the aggregate liquidation preference of the company's outstanding preferred stock. "To successfully complete the tender offer, the company must instead complete a tender of at least 66 2/3% of the aggregate liquidation preference of each series of its outstanding preferred stock," the company said. "Under the terms of the tender offer, for each share of Thornburg Mortgage Series C, D, E and F Preferred Stock that is validly tendered and accepted upon expiration of the tender offer, the holder will receive $5.00 in cash and approximately 3.5 shares of common stock." Executives have said that completion of the tender offer would clear a financial hurdle for the company.