Monday, March 31, 2008

Not Cheap

That's a high rate.


Thornburg Mortgage Inc. obtained an extension through Monday to raise $948 million to appease its financial backers, the lender said over the weekend.


A bond sale arranged to raise money at a 12 percent interest rate failed, and now the company is trying to sell $1.35 billion in bonds at an 18 percent interest rate.

This extension is the second for the bond sale.