Thornburg Obtains Key Capital Infusion

Thornburg Mortgage Inc., Santa Fe, N.M., says it has completed a key $1.35 billion private-placement capital raise from the sale of senior subordinated secured notes, warrants to purchase common stock, and a participation in certain mortgage-related assets. The company said it has received $1.15 billion of the proceeds from the offering and that the remaining $200 million is being held in escrow, to be delivered to the company upon the successful completion of a tender offer for its preferred stock. Thornburg had said it had to raise at least $948 million in capital within seven days to keep in place a key 364-day agreement with some counterparties involved in potentially "material" margin calls it has been facing. The company had to extend the deadline twice before the capital raise was completed. Thornburg can be found online at http://www.thornburg.com.