The PMI Group Inc., Walnut Creek, Calif., has priced its common stock offering at $6.15 per share, paving the way for a capital raise of more than $700 million. Its convertible senior note offering will carry an interest rate of 4.5%. PMI estimates the aggregate net proceeds from the concurrent offerings to be approximately $706 million, which is an increase from an initial offering of $400 million in common stock and $200 million in notes. PMI, which closed Monday at $6.46 per share, was selling for $5.87 per share in early afternoon trading.
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