PMI Group

(PMI)

, a mortgage insurance company, said Wednesday that it intends to offer about $400 million in senior notes through a public offering.

The offering consists of about $250 million of senior notes due 2016 and $150 million of senior notes due 2036. The interest rate and other terms of the senior notes will be determined at pricing.

The Walnut Creek, Calif.-based PMI expects that the senior notes will be redeemable at any time, subject to a make-whole premium.

Banc of America Securities will act as sole book-running manager of the offering. Lehman Brothers, Goldman Sachs, Citigroup Global Markets, SunTrust Capital Markets and Wachovia Capital Markets,will act as co-managers.

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