Thornburg (NYSE:TMA)
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From Jun 2019 to Jun 2024
Thornburg Mortgage, Inc. (NYSE:TMA), today announced that the company
has not paid the interest payment due on November 15, 2008 on its 8%
Senior Notes, because it currently does not have available funds to do
so. The company is in active negotiations with the counterparties to the
Override Agreement and expects to pay the $12.2 million interest payment
once an amended and restated agreement has been reached with the
counterparties to the Override Agreement and within the 30-day grace
period under the indenture.
The company’s amended Exchange Offer and Consent Solicitation (the
“Exchange Offer”) for all series of its outstanding Preferred Stock is
currently scheduled to expire at 5 p.m., New York City time, on November
19, 2008. As of November 18, 2008, the company had received tenders for
72.2% of the outstanding shares of its Series C Preferred Stock, 79.2%
of the outstanding shares of its Series D Preferred Stock, 83.2% of the
outstanding shares of its Series E Preferred Stock and 67.4% of the
outstanding shares of its Series F Preferred Stock. Holders of the
Preferred Stock that have tendered their shares may withdraw their
shares at any time prior to the company’s acceptance of the shares after
the expiration of the Exchange Offer.
The Exchange Offer is being made to holders of Preferred Stock in
reliance upon the exemption from the registration requirements of the
Securities Act of 1933, as amended, afforded by Section 3(a)(9) thereof.
Investor inquiries about the Exchange Offer should be directed to the
company at 866-222-2093 (toll free). Holders of the Preferred Stock are
urged to read the amended and restated Offering Circular filed with the
SEC on November 3, 2008. Requests for copies of the Offering Circular,
all supplements thereto and related documents may be directed to
Georgeson Inc., the information agent for the Exchange Offer, at
866-399-8748 (toll free). The Offering Circular, all supplements thereto
and other information regarding the Exchange Offer may also be obtained
through the SEC's Web site at www.sec.gov
and the company's Web site at www.thornburgmortgagetender.com.
This press release does not constitute an offer to purchase or a
solicitation of acceptance of the offer, which may be made only pursuant
to the terms of the Offering Circular and the related materials.
Thornburg Mortgage is a leading single-family residential mortgage
lender focused principally on prime and super-prime borrowers seeking
jumbo and super-jumbo adjustable-rate mortgages.
This press release contains forward-looking statements within the
meaning of the federal securities laws. These forward-looking statements
are based on current expectations, estimates and projections, and are
not guarantees of future performance, events or results. Actual results
and developments could differ materially from those expressed in or
contemplated by the forward-looking statements due to a number of
factors, including but not limited to: the ongoing impact of the March
31, 2008 financing transaction; the company’s ability to meet the
ongoing conditions of the Override Agreement and successfully conclude
negotiations with the parties thereto with respect to an amended and
restated agreement; general economic conditions; the company’s ability
to meet its interest payment obligations under its outstanding debt
securities and other payment obligations, including the interest payment
on its 8% Senior Notes that was due on November 17, 2008; ongoing
volatility in the mortgage and mortgage-backed securities industry; the
company’s ability to complete the Exchange Offer and terminate the PPA;
the company’s ability to raise additional capital; the company’s ability
to retain or sell additional assets; further downgrades on our mortgage
securities portfolio, delinquency rates for loans, changes in interest
rates and other risk factors discussed in the company's SEC reports,
including its most recent quarterly report on Form 10-Q, annual report
on Form 10-K/A, its current reports on Form 8-K, its Proxy Statement for
its Annual Meeting held on June 12, 2008, its Offering Circular, as
amended to date, and its Registration Statement on Form S-3. These
forward-looking statements speak only as of the date on which they are
made and, except as required by law, the company does not intend to
update such statements to reflect events or circumstances arising after
such date.