MGIC Investment Corporation (NYSE: MTG) has announced that it has completed the public offering and sale of 42,933,333 shares of its common stock for gross proceeds of approximately $483 million.
The number of shares and gross proceeds reflect the exercise in full of the underwriters' option to purchase additional shares of common stock.
Banc of America Securities LLC acted as book-runner of the public offering.
The net proceeds of the offering will be used to increase the capital of Mortgage Guaranty Insurance Corporation, MGIC's principal insurance subsidiary, in order to enable it to expand the volume of its new business and for MGIC's general corporate purposes. -- MGIC Investment Corporation
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