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PLAY BEAT THE STREET GAME NOW
Mortgage insurer MGICMTG said late Tuesday it plans to raise $675 million in a concurrent public offering of common stock and private placement of convertible debt. The company said it plans to use the proceeds to expand the volume of new business and other general corporate purposes. Like fellow financial guarantors MBIAMBI and Ambac FinancialABK, has seen its share hit hard by capital concerns in recent months. The stock offering is expected to fetch $350 million. Banc of America Securities is the lead bookrunner. Underwriters have the option to buy up to $53 million. The $325 million offering of convertible junior subordinated debentures due 2063 will be sold in a private placement to qualified institutional buyers. MGIC intends to offer the initial purchasers the option to buy an additional $65 million. The interest rate and other terms have not yet been determined. MGIC shares were dipping 5.9% to $13.18 in recent after-hours trading Tuesday.
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