Thornburg Mortgage raises over $200 mln in offerings

NEW YORK, Jan 14 (Reuters) - Thornburg Mortgage Inc TMA.N, a lender trying to recover from tough credit market conditions, said on Monday it raised $212 million in gross proceeds from two public offerings.

The Santa Fe, New Mexico-based company said it priced 7 million shares of common stock at $8 per share and 8 million shares of its existing 10 percent Series F Cumulative Convertible Redeemable Preferred Stock at $19.50 per share.

Aggregate net proceeds from the offerings were $200.8 million and Thornburg said it intends to use most of the proceeds to finance the acquisition or origination of adjustable rate mortgage (ARM) assets.

The company will use the remainder of the proceeds for liquidity needs and working capital, which may include the repayment of maturing obligations.

Thornburg has said it lost about $1.08 billion in the third quarter, or $8.83 per share. This stemmed largely from losses on the sale of jumbo mortgages, which investors stopped buying as credit markets tightened in July and August. (Editing by Carol Bishopric)