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Thornburg Mortgage Inc., Fixed/Adj Series D Cumul Redeem Preferred Stock
Ticker Symbol: THMOQ* CUSIP: 885218404 Exchange: OTOTC
* NOTE: This security is no longer trading as of 5/02/2012
Security's Distribution is Suspended!
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Thornburg Mortgage Inc., Adjusting Rate Series D Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 11/21/2011 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 7.875% ($1.96875) per annum are paid quarterly on 1/15, 4/15, 7/15 & 10/15 until 1/15/2012 to holders of record on the first day of January, April, July and October respectively. Beginning 1/15/2012 dividends will be paid at the three-month LIBOR rate plus 2.68%, but will not be less than 7.625%. During any period when the preferred is not listed on a stock exchange or is not subject to SEC reporting requirements, the dividend rate will be increased by 1% and the company will have the option to redeem the preferred. Dividends paid by preferreds issued by REITs are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (THMRQ)
Notes: November 21, 2008 -- Thornburg Mortgage, Inc. announced today that it has successfully completed the Exchange Offer and Consent Solicitation for all series of its outstanding preferred stock that expired on November 19, 2008. Shareholders who participated in the Exchange Offer and Consent Solicitation received 3 shares of the company’s common stock for each share of preferred stock validly tendered and accepted. The company issued 126,260,109 shares of common stock on November 21, 2008 in exchange for validly tendered shares of 95.6% of its outstanding preferred stock. In addition, on November 20, 2008, the company filed amendments to its Charter to modify the terms of each series of preferred stock. As a result of the completion of the Exchange Offer and Consent Solicitation, the preferred stock no longer meets the continued listing criteria under the New York Stock Exchange Listing Company Manual. The NYSE issued a press release on November 20, 2008 announcing that trading in all series of preferred stock would be suspended on November 20, 2008 and that suspension and delisting procedures would begin promptly. The company does not intend to list the preferred stock on any other national securities exchange. The remaining preferred stock may be traded on over-the-counter (OTC) markets. ____________ Mar 31, 2008 -- From the Thornburg Mortgage, Inc. news release dated 3/31/2008 -- The company will conduct a tender offer for all of its outstanding preferred stock at a price of $5 per $25 of liquidation value, plus, upon shareholder approval of additional authorized shares, warrants to purchase an aggregate of 5% of the company's common stock outstanding on a fully diluted basis or, if shareholder approval is not obtained, alternative consideration. To the extent that the escrowed funds are not used to purchase the preferred shares that are tendered, unused escrow funds will be returned to the investors. Additionally, the company has suspended dividend payments on all outstanding series of preferred stock.
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IPO - 11/17/2006 - 4.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: THMRO Changed: 3/24/2011
Market Value $100.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 150 Washington Avenue, Suite 302, Santa Fe, NM 87501 |
| Main Phone Number |
505-989-1900 |
| Fax Number |
505-989-8156 |
| Investor Relations
Leanne L. Gallagher
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505-954-5302
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| Toll Free Phone Number |
888-898-8698 |
| CEO - Garrett Thornburg |
PRS - Larry A. Goldstone |
CFO - Richard P. Story |
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