Thornburg Prices Stock Offerings

Thornburg Mortgage Inc., Santa Fe, N.M., has announced the pricing of concurrent public offerings of 7 million shares of common stock and 8 million shares of an existing series of preferred stock. The common stock was priced at $8.00 per share, and the 10% series F cumulative convertible redeemable preferred stock was priced at $19.50 per share. Aggregate net proceeds from the offerings totaled $200.8 million. Thornburg said it intends to use the majority of the net proceeds to finance the acquisition or origination of adjustable-rate mortgage assets, with the remainder to be used for liquidity needs and working capital. The company has granted underwriters two options to cover any overallotments: a 30-day option to buy up to 1.05 million additional shares of common stock, and a 10-day option to buy up to 1.20 million additional shares of the preferred stock. The joint book-running managers for the offerings are UBS Investment Bank and Friedman, Billings, Ramsey. The company can be found online at http://www.thornburgmortgage.com.