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PUBLIC OFFERING OF 6,700,000 SHARES OF MGIC INVESTMENT CORPORATION COMMON STOCK AT $34.25 PER SHARE

 PUBLIC OFFERING OF 6,700,000 SHARES OF MGIC INVESTMENT
 CORPORATION COMMON STOCK AT $34.25 PER SHARE
 MILWAUKEE, June, 16 /PRNewswire/ -- A public offering of 6,700,000 shares of MGIC Investment Corporation (NYSE: MTG) common stock at a price of $34.25 per share was announced by Goldman, Sachs & Co. In addition, the underwriters were granted an option to purchase up to an additional 1,005,000 shares to cover over-allotments.
 Of the 6,700,000 shares being offered, 4,000,000 are being sold by The Northwestern Mutual Life Insurance Company, 1,830,000 by Swiss Reinsurance and 870,000 by Zurich Insurance. A portion of the shares, 5,360,000 are being offered in the United States through an underwriting group including Goldman, Sachs & Co., The First Boston Corporation, Merrill Lynch & Co., and Robert W. Baird & Co. Incorporated. Concurrent with the U.S. offering, 1,340,000 shares are being offered outside the United States through an underwriting group led by Goldman Sachs International Limited.
 The shares being sold by Swiss Re and Zurich Insurance are being obtained through the exchange of notes issued by a Northwestern Mutual subsidiary, which are owned by Swiss Re and Zurich Insurance. Prior to the offering, Northwestern Mutual owned approximately 56 percent of the Company's outstanding Common Stock (approximately 37 percent after giving effect to the exchange of all notes issued by the Northwestern Mutual subsidiary). After the offering, Northwestern Mutual will own approximately 33 percent of the Company's outstanding Common Stock (approximately 23 percent after giving effect to the exchange of the remaining notes.
 MGIC Investment Corporation, through Mortgage Guaranty Insurance Corporation, is a leading provider of private mortgage insurance coverage in the United States to mortgage bankers, savings institutions, commercial banks, mortgage brokers, credit unions and other lenders. Private mortgage insurance expands home ownership opportunities by enabling people to purchase a home with less than a 20 percent down payment. If the homeowner defaults, private mortgage insurance reduces and, in some instances, eliminates the loss to the insured mortgage holder. Private mortgage insurance also facilitates the sale of low down payment first mortgage loans in the secondary mortgage markets.
 -0- 6/16/92
 /CONTACT: Curt S. Culver of MGIC Investment Corporation, 414-347-6632, or Thomas W. Towers of The Northwestern Mutual Life Insurance Company, 414-299-7179/
 (MTG) CO: MGIC Investment Corporation; The Northwestern Mutual Life Insurance
 Company ST: Wisconsin IN: INS SU: OFR


DS -- MN009 -- 0496 06/16/92 08:44 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
Words:412
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