Thornburg Mortgage gets 1-day extension

SANTA FE, NEW MEXICO - March 28 2008 - Thornburg Mortgage Inc. said Friday it received a 24-hour extension from a group of its lenders to raise at least $948 million in new capital, to 5 p.m. today.

The funds would be used to meet certain margin calls and would give Thornburg a reprieve from having to meet others.

The agreement was made with five parties providing Thornburg $5.8 billion in financing.

Also Friday, the company changed its bylaws to remove a limit on the amount of stock investors are allowed to hold.

In a filing with the Securities and Exchange Commission, Thornburg said it opted out of certain protections of the Maryland Control Share Acquisition Act, which places limits on the amount of stock a person can own.

Thornburg shares closed the regular session up 17 cents, or 12 percent, at $1.65, but dropped 40 cents, or 24 percent, after-hours to $1.25.

Thornburg Mortgage gets 1-day extension
The Associated Press