NMI Holdings, Inc. Announces Pricing of $200 Million Public Offering of Common Stock

EMERYVILLE, Calif., June 04, 2020 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq:NMIH) (the “Company”) 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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The shares are being offered pursuant to an automatically effective shelf registration statement (including a base prospectus) that has been filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2018 and is available on the SEC website. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on June 3, 2020.  Prospective investors should read the registration statement (including the base prospectus), the preliminary prospectus supplement, the final prospectus supplement (when available) and the other documents the Company has filed with the SEC for more complete information about the Company and the offering. Investors may obtain these documents without charge by visiting the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and the accompanying base prospectus for the offering may be obtained from the prospectus departments of J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, telephone: [phone] or by emailing [e-mail], or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, New York 10282, telephone: [phone], facsimile: 212-902-9316 or by emailing [e-mail].