MGIC Investment Corporation MTG (the "Company") today announced that it received proceeds from its
previously announced concurrent public offerings of common stock and 2.00%
convertible senior notes due 2020. The Company sold 135 million shares of
Common Stock and $500 million principal amount of notes and received aggregate
net proceeds, after underwriting discounts and commissions and estimated
offering expenses, of approximately $1.15 billion.
The Company also announced that it transfered $800 million to Mortgage
Guaranty Insurance Corporation (MGIC), its principal subsidiary, to increase
its capital. Giving effect to the transfer, as of December 31, 2012, MGIC's
risk to capital level is approximately 20 to 1 and MGIC meets the capital
requirements of all jurisdictions having specific capital requirements for
mortgage guaranty insurers without the need for any waiver. MGIC remains an
eligible insurer for both Fannie Mae and Freddie Mac.
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