MILWAUKEE, Aug. 28,
2023 /PRNewswire/ -- MGIC Investment Corporation
(NYSE: MTG) today announced that it has exercised its option
to redeem all of its outstanding 9.00% Convertible Junior
Subordinated Debentures due 2063 (the "Debentures"). The redemption
date is September 20, 2023, and the redemption price is equal
to the principal amount of the Debentures being redeemed plus any
accrued and unpaid interest.
The Debentures are convertible into shares of MGIC common stock
at a rate of 77.9620 shares per $1,000 principal amount. Under the terms of
the Debentures, MGIC may pay cash in lieu of issuing shares.
As of the date hereof, there was approximately $21.1 million aggregate principal amount of the
Debentures outstanding.
About MGIC
Mortgage Guaranty Insurance
Corporation ("MGIC") (www.mgic.com), the principal subsidiary
of MGIC Investment Corporation, serves lenders
throughout the United States,
helping families achieve homeownership sooner by making affordable
low-down-payment mortgages a reality through the use of private
mortgage insurance.
From time-to-time MGIC Investment Corporation releases
important information via postings on its corporate website, and
via postings on MGIC's website, and it intends to continue to do so
in the future. Such postings include corrections of previous
disclosures and may be made without any other disclosure. 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 for MGIC
Investment Corporation alerts can be found
at https://mtg.mgic.com/shareholder-services/email-alerts. For
information about our underwriting and rates,
see https://www.mgic.com/underwriting.
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SOURCE MGIC Investment Corporation