MGIC Prices Stock Offering

MGIC Investment Corp., Milwaukee, is selling 37.34 million shares of its common stock in a public offering priced at $11.25 per share. The price, announced before the markets opened on March 25, is $2.05 below the $13.30 at which MGIC's common stock closed the day before. In a Securities and Exchange Commission filing, Curt S. Culver, chairman and chief executive of MGIC, said he would purchase 25,000 shares from the offering. MGIC will receive gross proceeds of $420 million, compared with the $350 million the company said it was hoping for in its original March 18 announcement. The underwriters of the offering have an option to purchase an additional 5.6 million shares at the $11.25 price. MGIC has also agreed to sell $325 million of 9% convertible junior subordinated debentures due 2063. MGIC is selling the debentures in a private placement transaction. MGIC can be found on the Web at http://www.mgic.com.