The PMI Group, Walnut Creek, Calif., has priced an offering of 5 million shares of common stock at $38.20 per share and a concurrent offering of 12 million 5.875% equity units at $25 per share.The gross proceeds of the stock sale are expected to total $191 million, and the gross proceeds of the equity unit sale are projected at $300 million. PMI said it plans to use the net proceeds of the offerings to fund a portion of its previously announced investment in Financial Guaranty Insurance Co. as well as for general corporate purposes. PMI Group can be found online at http://www.pmigroup.com.
PMI Prices Stock, Equity Offerings
October 30, 2003, 3:00 p.m. EST 1 Min Read
