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Press Release

MGIC Investment Corporation Announces Commencement of Senior Notes Offering

Aug 6, 2020

MILWAUKEE, Aug. 6, 2020 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) (the "Company") announced today that it has commenced a public offering of its Senior Notes due 2028.

The Company also announced today by separate press release the commencement of a tender offer (the "Tender Offer") to purchase any and all of the Company's $425 million aggregate principal amount of outstanding 5.750% Senior Notes due 2023 (the "2023 Senior Notes").

The Company intends to use a portion of the net proceeds from the senior note offering to finance the Tender Offer. The Company also intends to use a portion of the net proceeds from the senior note offering to purchase a portion of the Company's 9.000% Convertible Junior Subordinated Debentures due 2063 (the "2063 Debentures"). To the extent the net proceeds from the senior note offering exceeds the amount used to repurchase the 2023 Senior Notes in the Tender Offer or repurchase the 2063 Debentures, the Company intends to use the net proceeds for general corporate purposes.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC will act as joint book-running managers.

The Company has filed a registration statement (including a prospectus and related preliminary prospectus supplement for the senior notes offering) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates.  Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus for more complete information about the Company and this offering.  You may obtain these documents free of charge by visiting the SEC website at  Alternatively, you may obtain copies from Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attention: Prospectus Department, by telephone at 1-866-471-2526 or by emailing; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone: (800) 831-9146  or Morgan Stanley & Co. LLC, at 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, or by email at

This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About MGIC

Mortgage Guaranty Insurance Corporation ("MGIC"), the principal subsidiary of the Company, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward looking statements. Forward looking statements consist of statements which relate to matters other than historical fact, including matters that inherently refer to future events and involve certain important risks and uncertainties, any of which could cause our actual results to differ materially from those expressed in our forward-looking statements. More information about the risks, uncertainties and assumptions affecting the Company can be found in the risk factors included as Exhibit 99 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and in other filings we make with the Securities and Exchange Commission.  No investor should rely on the fact that such statements are current at any time other than the time at which this press release was issued.


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SOURCE MGIC Investment Corporation

Investor Contact: Michael J. Zimmerman, (414) 347-6596,