Mgic Inv Cp Stock Price, News & Analysis

MGIC Investment Corporation (NYSE: MTG) announced the results of its cash tender offer for its 5.750% Senior Notes due 2023, which expired on August 12, 2020. Out of $425 million outstanding, $183.61 million (43.20%) were tendered. Holders of validly tendered notes will receive $1,082.50 per $1,000 of principal plus accrued interest, with payments expected on August 13 and August 17, 2020. The Company will finance this with previously announced debt financing. Goldman Sachs acted as the dealer manager for the offer.

MGIC Investment Corporation (NYSE: MTG) has successfully completed a public offering of $650 million in 5.250% senior notes due 2028. The notes will pay interest semi-annually starting February 15, 2021, and will mature on August 15, 2028. Proceeds from this offering will be utilized to finance a cash tender offer for $425 million of previously issued 5.750% Senior Notes due 2023 and to purchase $38.6 million of 9% Convertible Junior Subordinated Debentures due 2063. Remaining funds will support general corporate purposes.

On August 11, 2020, Mortgage Guaranty Insurance Corporation (MGIC) announced the promotion of Danny Garcia-Velez to Vice President, Business Development. Garcia-Velez has been with MGIC since 2017, previously serving as Marketing Program Manager and Director. He also has experience as a Vice President at the Homeownership Preservation Foundation. Jay Hughes, Executive Vice President, praised Garcia-Velez’s problem-solving skills and leadership. MGIC continues to support affordable homeownership across the U.S. and Puerto Rico.

CUNA Mutual Group and Mortgage Guaranty Insurance Corporation (MGIC), a subsidiary of MGIC Investment Corporation (NYSE: MTG), have formed a partnership to offer private mortgage insurance to credit unions. This initiative aims to enhance home ownership accessibility for credit union members by minimizing lender risks. The program enables members to acquire homes more swiftly by eliminating the need for a 20% down payment while protecting lenders against defaults on higher loan-to-value mortgages. This collaboration combines over 150 years of experience in mortgage insurance.

MGIC Investment Corporation (NYSE: MTG) has initiated a cash tender offer for its 5.750% Senior Notes due 2023, totaling $425 million. The offer, outlined in an Offer to Purchase dated August 6, 2020, will expire at 5:00 p.m. NY time on August 12, 2020. Holders of the notes will receive $1,082.50 per $1,000 principal for valid tenders, plus accrued interest. The Company plans to settle payments on August 13, 2020. The offer is contingent upon receiving proceeds from a proposed debt financing. Goldman Sachs is the dealer manager, and the tender offer is not a solicitation for purchase.

MGIC Investment Corporation (NYSE: MTG) has announced a public offering of Senior Notes due 2028 alongside a tender offer to purchase outstanding 5.750% Senior Notes due 2023 amounting to $425 million. The proceeds will be used to finance the tender offer and repurchase some of the company's 9.000% Convertible Junior Subordinated Debentures due 2063. Any surplus funds will be allocated for general corporate purposes. Goldman Sachs, Citigroup, and Morgan Stanley are the joint book-running managers for this offering.

MGIC Investment Corporation (NYSE: MTG) reported a significant decline in net income for Q2 2020, totaling $14.0 million ($0.04 per diluted share) compared to $167.8 million ($0.46 per diluted share) in Q2 2019. Adjusted net operating income also dropped to $9.9 million ($0.03 per diluted share) from $167.6 million. Insurance in force rose by 7.7% year-over-year to $230.5 billion. However, primary delinquency inventory climbed 133% year-over-year to 69,326 loans. The company declared a $0.06 dividend per share and maintained total shareholders' equity at $4.4 billion.

The Board of Directors of MGIC Investment Corporation (NYSE:MTG) has declared a quarterly cash dividend of $0.06 per share. The dividend will be payable on August 28, 2020, to shareholders who are on record by August 11, 2020. As of June 30, 2020, MGIC had $230.5 billion in primary insurance in force, covering over one million mortgages, showcasing their commitment to assisting families in achieving homeownership.

MGIC Investment Corporation (NYSE: MTG) has announced the release of its 2^nd quarter 2020 financial results on August 5, 2020, before market opening. A conference call will be held at 10:00 a.m. ET to discuss the results for the quarter ending June 30, 2020. Notably, MGIC reported a significant increase in its primary delinquent inventory, rising from 30,243 loans in May to 69,326 in June, reflecting challenges amid the COVID-19 pandemic. The company expects continued increases in delinquencies due to ongoing economic pressures.