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UPDATE 1-MGIC Investment to repay $200 million of debt

Tue Jun 9, 2009 5:57pm EDT

Stocks

   

* To repay lenders $200 mln on June 12

* Says no default under credit facility

June 9 (Reuters) - Mortgage insurer MGIC Investment Corp (MTG.N) will repay lenders the entire $200 million outstanding under a credit facility on June 12, a regulatory filing showed.

The quarterly interest cost of the outstanding amount is about $2 million, the insurer said in a filing with the U.S. Securities and Exchange Commission.

In April, the company posted a wider first-quarter loss, saying more homeowners defaulted on mortgages, and said it was discussing its capital position with regulators. [ID:nN29390605]

The company said it has no defaults under the facility. The $300 million credit facility is scheduled to mature on March 31, 2010, it added.

After the repayment, the company will have about $151 million in short-term investments, most of which are liquid assets, it said in the filing.

Shares of the company closed at $4.71 Tuesday on the New York Stock Exchange. (Reporting by Archana Shankar in Bangalore; Editing by Deepak Kannan)



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