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The PMI Group, Inc. Announces Pricing of Common Stock and Convertible Senior Notes Offerings
Date:4/27/2010

WALNUT CREEK, Calif., April 27 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: PMI) today announced that it has agreed to sell in concurrent underwritten public offerings an aggregate of 77,765,000 shares of its common stock at a price to the public of $6.15 per share and $261 million aggregate principal amount of its 4.50% Convertible Senior Notes due 2020.  In connection with the offerings, PMI has granted the underwriters 30-day options to purchase up to an additional 11,664,750 shares of its common stock and up to an additional $39 million aggregate principal amount of the notes. PMI estimates the aggregate net proceeds from the concurrent offerings to be approximately $706 million (assuming no exercise of the underwriters' options to purchase additional shares of common stock and notes), after deducting underwriting discounts and commissions and estimated expenses.  The offerings represent an increase from the previously announced offering size of $400 million in common stock and $200 million in notes.  

The notes will bear interest at a rate of 4.50% per annum and will mature on April 15, 2020.   Holders may convert their notes prior to January 15, 2020, only in specified circumstances, and holders may convert their notes at any time thereafter until the second business day preceding maturity. The notes will be convertible at an initial conversion rate of 127.5307 shares of common stock per $1,000 principal amount of notes, which represents
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SOURCE The PMI Group, Inc.
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