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Press Release

MGIC Investment Corporation Announces Completion of Senior Notes Offering

Aug 12, 2020

MILWAUKEE, Aug. 12, 2020 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) (the "Company") announced today that it completed the public offering and sale of $650 million in aggregate principal amount of 5.250% senior notes due 2028 (the "Notes").

The Notes will bear interest at a rate of 5.250% per year, payable semi-annually, in arrears, on February 15 and August 15 of each year, beginning February 15, 2021. The Notes will mature on August 15, 2028

The Notes were issued under the Indenture, dated October 15, 2000 (the "Base Indenture"), between the Company and U.S. Bank National Association, as successor Trustee (the "Trustee"), as amended and supplemented by the Fourth Supplemental Indenture, dated August 12, 2020, between the Company and the Trustee (the "Supplemental Indenture" and together with the Base Indenture, the "Indenture"). The Indenture provides for customary events of default and further provides that the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence of certain events of default after the expiration of any applicable grace period.  In addition, in the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization relating to the Company or any of its significant subsidiaries, all outstanding Notes under the Indenture will become due and payable immediately. 

The Notes were offered and sold pursuant to the Registration Statement that the Company filed with the Securities and Exchange Commission on May 8, 2019, under the Securities Act of 1933, as amended and the prospectus supplement dated August 6, 2020.

The Company used a portion of the net proceeds from the Offering to finance a cash tender offer (the "Tender Offer") for any and all of the $425 million outstanding aggregate principal amount of the Company's previously issued 5.750% Senior Notes due 2023 (the "2023 Senior Notes"). The Company also used a portion of the net proceeds from the Offering to purchase $38.6 million aggregate principal amount of its 9% Convertible Junior Subordinated Debentures due 2063 (the "2063 Debentures"). Any remaining proceeds will be added to the Company's funds available for general corporate purposes.

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

This press release is not an offer to sell the Notes and is not soliciting an offer to buy the Notes 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,