MORTGAGE UPDATE:Thornburg Postpones Pricing On $1 Billion Offering To Monday
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mortgage lenders, Thornburg Mortgage March 21st, 2008NEW YORK -(Dow Jones)- Thornburg Mortgage Inc. (TMA), the beleaguered lender and investor of home mortgages, postponed to Monday the pricing of its offering of $1 billion in convertible securities.
The completion of this deal, which was slated to sell Thursday, is the centerpiece of the company’s newly inked pact with its lenders. Its failure would likely push Thornburg into filing for bankruptcy protection as its creditors withdraw from their agreed-upon pact.
“We are continuing to work with large investors who have a lot of due- diligence questions, and therefore we’ve postponed our pricing until Monday while we work through this process with them,” said company spokeswoman Suzanne O’Leary Lopez. “Our lender agreements are still in place.”
Tags: mortgage lenders, Thornburg Mortgage
