MILWAUKEE, March 18 /PRNewswire-FirstCall/ — MGIC Investment Corporation (NYSE:MTG) (“MGIC”) has announced that it intends, subject to market and other conditions, to initiate a public offering of approximately $350 million of its common shares, plus up to approximately $53 million of additional common shares that are subject to a 30-day option granted to the underwriters of the offering. Banc of America Securities will act as book-runner of the offering.
The net proceeds of the offering will be used to increase the capital of Mortgage Guaranty Insurance Company, MGIC’s principal insurance subsidiary, in order to enable it to expand the volume of its new business and for MGIC’s general corporate purposes.
Copies of the prospectus relating to this offering, when available, may be obtained from Banc of America Securities LLC, Capital Markets (Prospectus Fulfillment) by e-mail to email@example.com or by mail to Banc of America Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd Floor, New York, NY 10001 or at the Securities and Exchange Commission’s website at http://www.sec.gov/.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
MGIC is not undertaking any obligation to update any information in this press release regarding its capital raising plans. No investor should rely on the fact that such information is current at any time other than the time at which this press release was issued.
First Call Analyst:
Source: MGIC Investment Corporation