SAN FRANCISCO (Thomson Financial) - Thornburg Mortgage Inc. said late Monday it has amended its bylaws to allow an investor to acquire up to $300 million worth of stock in the company's offering of $1 billion of convertible debt.
The purchaser would have to provide assurances that the ownership would not jeopardize the company's REIT qualification, Thornburg said. The amendment was disclosed in a filing with the Securities and Exchange Commission.
According to a report from Dow Jones Newswires that cited a person familiar with the matter, the $1 billion offering of convertible securities had not sold as of 5 p.m. Eastern time Monday. The pricing of the deal was delayed to Monday from last Thursday as the company tried to generate interest among investors, the report said.
Shares of Thornburg closed at $1.27. Gabriel Madway gm/kh COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.