MGIC Files Registration Statement for Common Stock Offering

MILWAUKEE, March 3 /PRNewswire-FirstCall/ — MGIC Investment Corporation (NYSE:MTG) announced today that it has filed a registration statement with the Securities and Exchange Commission covering the sale by it of additional shares of common stock.


The 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.


MGIC said it had made no decision on the amount of common stock it planned to offer. The registration statement currently covers a de minimis number of shares and will be amended to reflect the actual number of shares to be offered when determined. The registration statement indicated that MGIC might raise additional capital in forms other than common stock. MGIC said it expects to make decisions on the size of the common stock offering and on any other forms of capital by mid to late March, subject to market conditions and the review status of the registration statement.


A Registration Statement on Form S-1 was filed because the late filing of the MGIC’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 precluded the use of short-form registration statements which can be used to sell securities immediately on filing with the SEC.


Banc of America Securities LLC is acting as book-running manager of the offering.


A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This offering is being made solely by means of a written prospectus. 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 protected] 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, 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.


About MGIC Investment Corporation


Mortgage Guaranty Insurance Corporation, the principal subsidiary of MGIC Investment Corporation (http://mtg.mgic.com/), is the nation’s leading provider of private mortgage insurance coverage with $211.7 billion primary insurance in force covering 1.4 million mortgages as of December 31, 2007. MGIC serves over 3,300 lenders with locations across the country and in Puerto Rico, Guam and Australia, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.


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Source: MGIC Investment Corporation