MGIC prices debenture private placement

Mortgage insurer MGIC Investment Corp. (NYSE:MTG) said Tuesday it plans to sell $325 million of 9 percent convertible junior subordinated debentures due 2063 in a private placement.

MGIC has also granted the initial buyer the option to purchase up to an additional $65 million of debentures.

The debentures have an initial conversion rate of 74.07 shares per $1,000 of debentures, or roughly $13.50 per share.

Proceeds will be used to help expand the volume of new business at its main insurance subsidiary Mortgage Guaranty Insurance Corp., and for general corporate purposes.

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- Posted: 2008-03-25 09:00:29

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