MGIC Investment Corporation Announces $350 Million Public Offering of Senior Notes Due 2023

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 [e-mail] and Morgan Stanley & Co. LLC, at 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, or by email at [e-mail].

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

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