MGIC Raises $1.1 Billion Amid Bets on Mortgage Insurance
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MGIC Investment Corp. raised $1.1 billion selling stock and bonds as the insurer bolsters the unprofitable unit that backs home loans.
MGIC sold $450 million in convertible senior notes and 135 million shares of stock for $5.15 apiece, the Milwaukee-based company said late yesterday in a statement. The shares slid 7.8 percent to $5.17 at 9:41 a.m. in New York. They closed at $5.34 on March 5, before MGIC said it was offering shares.