Key Developments: MGIC Investment Corp (MTG)
6.41USD
22 May 2013
$0.09 (+1.50%)
$6.32
$6.32
$6.54
$6.31
5,145,663
21,673,040
$6.60
$0.66
Latest Key Developments (Source: Significant Developments)
Mgic Investment Corp's Mortgage Guaranty Insurance Corp And Other Mortgage Insurers Settle With U.S. Regulator Over Alleged Kickbacks-Reuters
Reuters reported that four mortgage insurers settled claims from the U.S. consumer watchdog that they paid kickbacks to mortgage lenders in exchange for business. Genworth Financial unit Mortgage Insurance Corp, American International Group Inc's United Guaranty Corp, Radian Group Inc's Radian Guaranty Inc and Mgic Investment Corp's Mortgage Guaranty Insurance Corp agreed to pay $15 million to resolve the allegations, the Consumer Financial Protection Bureau said on Thursday. Full Article
Mgic Investment Corp Announces Pricing of Concurrent Offerings of Common Stock and Convertible Senior Notes Raising Over $1.1 Billion in Gross Proceeds
Mgic Investment Corp announced it priced the public offering and sale of 135 million shares of its common stock at a price of $5.15 per share. The Company granted to the underwriters a 30-day option to purchase up to an additional 20.25 million shares. In a concurrent offering, the Company priced $450 million in aggregate principal amount of 2.00% convertible senior notes due 2020 (the notes). The Company granted the underwriters a 30-day option to purchase up to an additional $50 million in aggregate principal amount of notes. The notes will bear interest at a rate of 2.00% per year, payable semi-annually, in arrears, on April 1 and October 1 of each year, beginning October 1, 2013. The notes will mature on April 1, 2020. The notes will be convertible at the option of the holder prior to the close of business on the business day immediately preceding January 1, 2020 under certain circumstances described in the prospectus supplement for the notes and at any time on or after January 1, 2020 until the close of business on the second scheduled trading day immediately preceding the maturity date. The Company intends to use the net proceeds from the offerings for its general corporate purposes, which may include increasing the capital of the Company's insurance subsidiary Mortgage Guaranty Insurance Corporation (MGIC) and other subsidiaries of the Company, and improving liquidity by providing funds for debt service. Full Article
Mgic Investment Corp Announces Public Offerings of Common Stock and Convertible Senior Notes
Mgic Investment Corp announced that it has commenced a public offering of 135 million shares of its common stock and $350 million aggregate principal amount of its convertible senior notes due 2020. The convertible senior notes will be convertible into shares of the Company's common stock. The Company intends to grant to the underwriters a 30-day option to purchase up to an additional 15 percent of the number of shares offered and an option to purchase up to an additional $50 million aggregate principal amount of the convertible senior notes. Neither the offering of the common stock nor the offering of convertible senior notes will be contingent on the completion of the other offering. The Company intends to use the net proceeds from the offerings for its general corporate purposes, which may include increasing the capital of the Company's insurance subsidiary Mortgage Guaranty Insurance Corporation (MGIC) and other subsidiaries of the Company, and improving liquidity by providing funds for debt service. Goldman, Sachs & Co. will act as sole book-running manager for both offerings. Full Article
MGIC Investment Corporation Comments On Long Term Earnings Guidance
MGIC Investment Corporation announced that it expect to continue to report annual net losses, the size of which will depend primarily on the amount of incurred and paid losses from existing business and to a lesser extent on the amount and profitability of new business. Although the Company currently expect to return to profitability on an annual basis, it cannot assure when, or if, this will occur. The Company reported net loss of $335 million in fiscal 2010. According to I/B/E/S Estimates, analysts are expecting the Company to report net profit of $12 million for fiscal 2011. Full Article
MGIC loss widens as investment income slumps
- Mortgage insurer MGIC Investment Corp posted a wider first-quarter loss, hurt by lower investment income and a drop in realized gains, sending its shares down as much as 14 percent before the bell.
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