PMI to Redeem Notes

It sets an Oct. 25 deadline.
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PMI Group

(PMI)

, a mortgage insurance company, said Wednesday that it will redeem its 2.50% senior convertible debentures due 2021.

The Walnut Creek, Calif.-based company will redeem all of the outstanding 2.50% senior convertible debentures at a price equal to the principal amount of the notes plus any accrued and unpaid interest, including contingent interest and additional interest, if any, on the notes to the redemption date. PMI is calling for redemption of both its $341,478,000 aggregate principal amount 2.50% senior convertible debentures due 2021 that it issued upon completion of an exchange offer in August as well as the $18,414,000 aggregate principal amount 2.50% senior convertible debentures due 2021 that were not exchanged in the exchange offer.

The holders may convert all or any portion of their notes into cash and, if applicable pursuant to the terms of the notes, shares of common stock of PMI, at any time before the close of business on Oct. 25, the company said.

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