MILWAUKEE, Aug. 1, 2016 /PRNewswire/ -- MGIC Investment
Corporation (NYSE: MTG) (the "Company") announced today that it has
commenced a public offering of $350
million aggregate principal amount of its Senior Notes due
2023.
The Company intends to use a portion of the net proceeds from
this offering, together with, in certain cases, shares of its
common stock, to purchase a portion of the Company's $500 million of outstanding 2% Convertible Senior
Notes due 2020 ("2020 Convertible Notes") and may use a portion of
the net proceeds to purchase a portion of the Company's
$256.9 million of outstanding 9%
Convertible Junior Subordinated Debentures due 2063 owned by
holders other than MGIC. The Company also intends to use a
portion of the net proceeds to purchase shares of its common stock
to offset the shares used as partial consideration in the purchase
of the 2020 Convertible Notes in open market purchases, in
privately negotiated transactions or otherwise. Any remaining
net proceeds will be added to the Company's funds available for
general corporate purposes.
Goldman, Sachs & Co. will act as sole book-running manager
and Morgan Stanley & Co. LLC will act as co-manager for the
offering.
The Company has filed a registration statement (including a
prospectus and related preliminary prospectus supplement for the
senior notes offering) with the Securities and Exchange Commission
(the "SEC") for the offering to which this communication
relates. Before you invest, you should read the preliminary
prospectus supplement and the accompanying prospectus for more
complete information about the Company and this offering. You
may obtain these documents free of charge by visiting the SEC
website at www.sec.gov. Alternatively, you may obtain copies
from Goldman, Sachs & Co., at 200 West Street, New York, NY 10282, Attention: Prospectus
Department, by telephone at 1-866-471-2526 or by emailing
prospectus-ny@ny.email.gs.com and Morgan Stanley & Co. LLC, at
180 Varick Street, New York, NY
10014, Attention: Prospectus Department, or by email at
prospectus@morganstanley.com.
This press release is not an offer to sell these securities and
is not soliciting an offer to buy these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
About MGIC
MGIC, the principal subsidiary of MGIC Investment Corporation,
serves lenders throughout the United
States, Puerto Rico, and
other locations helping families achieve homeownership sooner by
making affordable low-down-payment mortgages a reality. At
June 30, 2016, MGIC had $177.5 billion of primary insurance in force
covering approximately one million mortgages.
From time to time MGIC Investment Corporation releases important
information via postings on its corporate website, including
corrections of previous disclosures, without making any other
disclosure and intends to continue to do so in the future.
Investors and other interested parties are encouraged to enroll to
receive automatic email alerts and Really Simple Syndication (RSS)
feeds regarding new postings. Enrollment information can be found
on MGIC Investment Corporation's website at http://mtg.mgic.com
under Investor Information.
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SOURCE MGIC Investment Corporation