MGIC Investment to redeem 9% convertible junior debentures due 2063

By Wendy Van Sickle

Columbus, Ohio, Aug. 28 – MGIC Investment Corp. is exercising its option to redeem all of its outstanding 9% convertible junior subordinated debentures due 2063, according to a company news release on Monday.

The redemption date is Sept. 20, and the redemption price is equal to par plus accrued interest to, but excluding, the redemption date.

The debentures are convertible into shares of MGIC common stock at a rate of 77.962 shares per $1,000 principal amount. MGIC may pay cash in lieu of issuing shares.

Currently there is $21.1 million aggregate principal amount of the convertibles outstanding.

The mortgage insurance provider is based in Milwaukee.

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