MGIC Investment Corporation Announces Pricing of Concurrent Offerings of Common Stock and Convertible Senior Notes Raising Over

   MGIC Investment Corporation Announces Pricing of Concurrent Offerings of
 Common Stock and Convertible Senior Notes Raising Over $1.1 Billion in Gross
                                   Proceeds

PR Newswire

MILWAUKEE, March 6, 2013

MILWAUKEE, March 6, 2013 /PRNewswire/ -- MGIC Investment Corporation (NYSE:
MTG) (the "Company") announced today that it priced the public offering and
sale of135 million shares of its common stock at a price of $5.15 per
share.The Company granted to the underwriters a 30-day option to purchase up
to an additional20.25 million shares.

In a concurrent offering, the Company priced $450 million in aggregate
principal amount of 2.00% convertible senior notes due 2020 (the "notes").
The Company granted the underwriters a 30-day option to purchase up to an
additional $50 million in aggregate principal amount of notes. The notes will
bear interest at a rate of 2.00% per year, payable semi-annually, in arrears,
on April 1 and October 1 of each year, beginning October 1, 2013. The notes
will mature on April 1, 2020. The notes will be convertible at the option of
the holder prior to the close of business on the business day immediately
preceding January 1, 2020 under certain circumstances described in the
prospectus supplement for the notes and at any time on or after January 1,
2020 until the close of business on the second scheduled trading day
immediately preceding the maturity date. The conversion rate will initially
be143.8332 shares of common stock per $1,000 principal amount of notes
(equivalent to a conversion price of approximately $6.95 per share of common
stock), subject to adjustment. Upon conversion, the Company will deliver a
number of shares of common stock equal to the aggregate principal amount of
the notes to be converted divided by $1,000, multiplied by the then applicable
conversion rate.

The Company intends to use the net proceeds from the offerings for its general
corporate purposes, which may include increasing the capital of the Company's
insurance subsidiary Mortgage Guaranty Insurance Corporation (MGIC) and other
subsidiaries of the Company, and improving liquidity by providing funds for
debt service.

Goldman, Sachs & Co. is acting as sole book-running manager for both
offerings.

The Company has filed a registration statement (including a prospectus and
related preliminary prospectus supplements for each of the common stock and
convertible senior notes offerings) with the Securities and Exchange
Commission (the "SEC") for the offerings to which this communication relates.
Before you invest, you should read the applicable preliminary prospectus
supplement and the accompanying prospectus for more complete information about
the Company and these offerings. You may obtain these documents free of
charge by visiting the SEC website at www.sec.gov. Alternatively, you may
obtain copies from Goldman, Sachs & Co., at 200 West Street, New York, NY
10282, Attention: Prospectus Department, by telephone at 1-866-471-2526 or by
emailing prospectus-ny@ny.email.gs.com.

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.

The Company is not undertaking any obligation to update any information in
this press release regarding its capital raising plans. No investor should
rely on the fact that such information is current at any time other than the
time at which this press release was issued.

About MGIC

MGIC, the principal subsidiary of MGIC Investment Corporation, is the nation's
largest private mortgage insurer as measured by $162.1 billion primary
insurance in force covering 1.0 million mortgages as of December 31, 2012.
MGIC serves lenders throughout the United States, Puerto Rico, and other
locations helping families achieve homeownership sooner by making affordable
low-downpayment mortgages a reality.

From time to time, MGIC Investment Corporation releases important information
via postings on its corporate website without making any other disclosure, and
it intends to continue to do so in the future. Investors and other interested
parties are encouraged to enroll to receive automatic email alerts and Really
Simple Syndication (RSS) feeds regarding new postings. Enrollment information
can be found at http://mtg.mgic.comunder Investor Information.

SOURCE MGIC Investment Corporation

Website: http://www.mgic.com
Contact: Investors, Michael J. Zimmerman, +1-414-347-6596,
mike_zimmerman@mgic.com, or Media, Katie Monfre, +1-414-347-2650,
katie_monfre@mgic.com
 
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