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MGIC Investment begins tender for any and all 5¾% notes due 2023
By Marisa Wong
Los Angeles, Aug. 6 – MGIC Investment Corp. said it has begun a cash tender offer to purchase any and all of its 5¾% senior notes due 2023 (Cusip: 552848AF0) having an aggregate outstanding principal amount of $425 million.
The tender offer will expire at 5 p.m. ET on Aug. 12.
Holders will receive $1,082.50 per $1,000 principal amount of notes tendered and accepted for purchase, plus accrued interest to but excluding the settlement date, which is expected to be Aug. 13.
Settlement of tenders under guaranteed delivery procedures is expected to occur on Aug. 17.
The tender offer is conditioned on MGIC receiving proceeds from a proposed debt financing in an amount sufficient to repurchase the 2023 notes.
Goldman Sachs & Co. LLC (800 828-3182 or 212 357-1452, GS-LM-NYC@gs.com) is the dealer manager for the tender offer.
The information agent and tender agent is D.F. King & Co., Inc. (www.dfking.com/mgic, 212 269-5550 for banks and brokers and 800 967-5074 for all others, mgic@dfking.com).
Subsidiary Mortgage Guaranty Insurance Corp. provides private mortgage insurance. The company is based in Milwaukee.
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