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Mortgage Insurer Buys Back Stock.(PMI Group)(Goldman Sachs & Co.)
SAN FRANCISCO -- The PMI Group here 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 a like amount of new stock being issued to bond holders. Between 30 and 40 institutional investors own the debentures, the spokesman said.
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 has arranged for $345 million in financing to fund the program.
According to the Quarterly Data Report, PMI is the nation's ...
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