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

an initial conversion price of approximately $7.84 per share. Upon conversion PMI may deliver cash, shares of PMI common stock or a combination thereof, at its option. PMI may redeem the notes in whole or in part on or after April 15, 2015, if the last reported sale of PMI common stock exceeds 130% of the conversion price then in effect for 20 or more trading days in a period of 30 consecutive trading days ending on the trading day immediately prior to the date of the redemption notice.  The redemption price will be equal to the principal amount of the notes to be redeemed plus accrued but unpaid interest plus a specified "make-whole" premium.

The closing of each offering is contingent on the closing of the other, and each closing is subject to the satisfaction of customary closing conditions. PMI expects to close the transactions on or about April 30, 2010.

PMI intends to use $75 million of the aggregate net proceeds from these offerings to pay a portion of its outstanding indebtedness under its credit facility and to use approximately $45 million of the aggregate net proceeds from these offerings for working capital and general corporate purposes.  PMI expects to contribute the remaining net proceeds from these offerings to PMI Mortgage Insurance Co., PMI's principal operating subsidiary, with an amount equal to the gross proceeds from the convertible notes offering to be contributed in the form of a surplus note to be issued by PMI Mortgage Insurance Co. to PMI and the remaining amount to be contributed in the form of a contribution to capital.  PMI expects that PMI Mortgage Insurance Co. will use such amounts for working capital and general corporate purposes.

Credit Suisse Securities (

SOURCE The PMI Group, Inc.
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