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Thornburg looks to sell up to $1.35 billion of bonds (Reuters)

Tue, 25 Mar 2008 13:12:52 Etc/GM

NEW YORK (Reuters) - Thornburg Mortgage Inc (NYSE:TMA - News) said on Tuesday it is looking to sell up to $1.35 billion of bonds in a private placement as the struggling "jumbo" mortgage lender tries to raise the funds necessary to keep lenders at bay and avert bankruptcy.

The company is paying an annual interest rate of 18 percent on the debt, which can be adjusted down to 12 percent if Thornburg satisfies certain conditions.

(Reporting by Dan Wilchins; editing by John Wallace)


source: http://biz.yahoo.com/rb/080325/thornburg_debt.html?.v=2

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