NMI Holdings (NMIH) Prices 13.8M Share Common Offering at $14.50/Sh

NMI Holdings, Inc. (NASDAQ: NMIH) today announced the pricing of an underwritten registered public offering of 13,800,000 shares of Class A common stock, par value $0.01 per share, at a public offering price of $14.50 per share (the “offering”). The offering was increased from the previously announced offering size of 10,000,000 shares of Class A common stock. In connection with the offering, the underwriters have a 30-day option to purchase up to 2,070,000 additional shares of Class A common stock at the public offering price, less underwriting discounts and commissions, from the Company. The offering is expected to close on June 8, 2020, subject to customary closing conditions. The Company expects net proceeds of this offering, after deducting underwriting discounts and commissions and before expenses, of approximately $191 million, or approximately $220 million if the underwriters exercise their option to purchase additional shares in full. The Company intends to use the net proceeds of the offering for general corporate purposes, including potential capital contributions to support the growth of new business production and operations of its subsidiaries.

J.P. Morgan and Goldman Sachs & Co. LLC are joint book-running managers. Additionally, Citigroup, Credit Suisse, Deutsche Bank Securities, RBC Capital Markets and SunTrust Robinson Humphrey served as joint book-running managers and B. Riley FBR, BTIG and Compass Point served as co-managers of the transaction.

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