PMI Repurchasing $345M of Stock

The PMI Group, San Francisco, has inked a deal to buy back $345 million worth of its common stock through Goldman Sachs & Co.A spokesman for the company said the accelerated buyback commitment will offset a debenture program that will result in the issuance of about $345 million worth of new stock to bondholders. The mortgage insurer said the company is trying to avoid a dilution in its share price. Not only is Goldman serving as broker on the share buybacks, but it has also arranged for $345 million in financing to fund the program. According to the Quarterly Data Report, PMI is the nation's second-largest mortgage insurance company. PMI can be found on the Web at http://www.pmigroup.com.