Die Kreditgeber würden ein Jahr lang keine Forderungen einzutreiben versuchen. Ist schon was wert in der derzeitigen Situation, scheint mir.
aus dem WO-Forum, wie gesagt:
#48 von kosto1234 19.03.08 18:24:41 Beitrag Nr.: 33.688.929 Dieses Posting: versenden | melden | drucken | Antwort schreiben |
Folgende Antwort bezieht sich auf Beitrag Nr.: 33.688.807 von Plusquamperfekt am 19.03.08 18:16:31 Kann ich dir sagen:
Thornburg Mortgage Inc. will give away a big stake in itself and borrow $1 billion at a high interest rate to appease its lenders, the mortgage company said Wednesday.
The struggling company's lenders agreed to stop issuing "margin calls," or demanding their money back, if Thornburg raises enough cash. Thornburg has repaid lenders $1.2 billion and still faces more than $500 million in margin calls.
ADVERTISEMENT Thornburg Mortgage owns a $35.2 billion portfolio of mortgage debt, mostly bonds backed by home loans carrying good credit.
The company typically pledges these bonds as collateral to borrow money. Because the tumult in credit markets has hammered the value of Thornburg Mortgage's portfolio, many lenders have tried to obtain their money back, forcing the company to sell investments at distressed prices.
In a bid to stem this cascade, Thornburg Mortgage reached a deal with its lenders, including Bear Stearns, Citigroup, Credit Suisse, Greenwich Capital, RBS and UBS.
Thornburg will grant its lenders options to buy 47 million shares, or more than a quarter of the company's stock, at a penny per share.
The company will also pay off $680 million in debt, in addition to $500 million already paid off.
Thornburg will sell $1 billion in bonds bearing an interest rate of 12 percent. These bonds can be converted to Thornburg stock at a rate of 75 cents per share. The investors who buy these bonds will also be entitled to buy Thornburg stock representing 5 percent of outstanding shares at a penny per share.
Thornburg will suspend its dividend, maintain a $350 million "liquidity fund," and allow lenders to collect some of the payments on the bonds held as collateral.
If Thornburg meets these conditions, its lenders will grant a one-year reprieve from margin calls, which the company hopes can give it enough time to manage through what Chief Executive Larry Goldstone called "this highly volatile and uncertain mortgage market environment."
Throughout the mortgage crisis, Thornburg has insisted that the market was blindly grouping the company's high-quality debt with the low-grade home loans that have become toxic to investors.
Although the deal will water down the value of the stock shareholders currently own, Goldstone said it will give the company the liquidity and staying power to remain afloat.
Und weitere Nachricht:
Thornburg Mortgage Inc (NYSE:TMA - News) said on Wednesday that it would try to quickly raise nearly $1 billion of capital to keep five lenders at bay and avoid a collapse for the struggling "jumbo" home loan provider.
ADVERTISEMENT The planned capital-raising, however, would dilute existing shareholders' stakes, said Thornburg, whose stock fell 44 percent to $1.67 in morning trading.
The Santa Fe, New Mexico-based company had previously said its survival was in question after being unable to meet lender demands for more than $600 million of cash or collateral.
Thornburg said the new, 364-day agreement with affiliates of Bear Stearns Cos (NYSE:BSC - News), Citigroup Inc (NYSE:C - News), Credit Suisse Group (VTX:CSGN.VX - News), Royal Bank of Scotland Group Plc (LSE:RBS.L - News) and UBS AG (VTX:UBSN.VX - News) would reduce margin requirements and free it from further margin calls and other obligations. It said the lenders were providing about $5.8 billion of financing.
As a condition of the agreement, Thornburg said it must raise a net $948 million within seven business days.
The company said it planned to do so by selling at least $1 billion of convertible debt and use much of the proceeds for margin calls. These subordinated notes would carry a 12 percent interest rate and be convertible into stock at 75 cents per share.
Thornburg also plans to issue five-year warrants to the lenders to buy 47 million shares, equal to about a 27 percent stake, and to suspend its dividend for a year.
Chief Executive Larry Goldstone said the plan was "highly dilutive," but in Thornburg's long-term interest.
"By placing a one-year moratorium on margin calls and raising the required amount of capital specified in this agreement, we believe we will have the necessary liquidity and staying power to manage through this highly volatile and uncertain mortgage market environment," Goldstone said.
Thornburg specializes in adjustable-rate mortgages of more than $417,000, which typically go to buyers of more expensive homes. Many investors stopped buying these loans as credit markets tightened. Until recently, mortgage financiers Fannie Mae (NYSE:FNM - News) and Freddie Mac (NYSE:FRE - News) also could not buy them.
Friedman Billings Ramsey & Co; Jefferies & Co; JMP Securities; Keefe, Bruyette & Woods Inc; and UBS Investment Bank are arranging the convertible offering, Thornburg said. |