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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8 -K
Current Report Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 31, 1997
THE PMI GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-13664 94-3199675
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
601 MONTGOMERY STREET, SAN FRANCISCO, CALIFORNIA 94111
(Address of principal executive offices) (Zip Code)
(415) 788-7878
(Registrant's Telephone Number including Area Code)
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On January 31, 1997 the Registrant announced that it had entered into an
agreement to sell $100 million 8.309 percent Capital securities, Series A,
representing beneficial interest in PMI Capital I, a trust created under the
laws of the State of Delaware. The sole assets of the trust will consist of
$103,093,000 8.309 percent Junior Subordinated Debentures due February 1, 2027,
issued by the Registrant. The Registrant owns all of the Common Securities of
the trust. The sale of the Capital Securities closed February 4, 1997.
Item 7. Exhibits
99.1 News Release dated January 31, 1997 "THE PMI GROUP, INC. TO SELL
$100 MILLION OF CAPITAL SECURITIES".
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
The PMI Group, Inc.
(Registrant)
By: /s/ Victor J. Bacigalupi
_______________________________________
Victor J. Bacigalupi, Senior Vice President,
General Counsel and Secretary
February 21, 1997
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EXHIBIT 99.1
THE PMI GROUP, INC. TO SELL $100 MILLION
OF CAPITAL SECURITIES
SAN FRANCISCO, JANUARY 31, 1997 -- The PMI Group, Inc. (NYSE: PMA), the
"Company," announced today that it had entered into an agreement to sell $100
million 8.309 percent Capital Securities, Series A, the "Capital Securities,"
representing beneficial interest in PMI Capital I, a trust created under the
laws of the State of Delaware, the "Issuer Trust." The sole assets of the
Issuer Trust will consist of $103,093,000 8.309 percent Junior Subordinated
Debentures due February 1, 2027, issued by the Company. The Company owns all of
the Common Securities of the Issuer Trust. The sale of the Capital Securities
is expected to close on February 4, 1997.
All of the proceeds from the sale of the Capital Securities will be
invested by the Issuer Trust in the Junior Subordinated Debentures. The net
proceeds for the sale of the Junior Subordinated Debentures will be used by the
Company for general corporate purposes, which may include, without limitation,
repurchasing the Company's common stock, financing possible future acquisitions,
and funding investments in or extension of credit to the Company's subsidiaries.
Pending such use, the Company may temporarily invest the net proceeds in
investment grade marketable securities.
The Capital Securities have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
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The PMI Group, Inc. is headquartered in San Francisco and through its
subsidiary, PMI, is the third largest private mortgage insurer in the United
States based on 1995 year-end insurance in force of $71.4 billion. In addition
to private mortgage insurance, The PMI Group, Inc., through its subsidiaries, is
a leader in risk management technology, providing various products and services
for the home mortgage finance industry, as well as title insurance. This release
can be accessed through the World Wide Web at http://www.pmigroup.com or, a fax
copy of this release can be obtained by dialing 800-758-5804, entering The PMI
Group, Inc. company code no. 706963 when prompted, and following the automated
prompts.
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