PMI Group to repurchase up to $300 million 3% notes due 2008 linked to notes remarketing

By Jennifer Chiou

New York, Aug. 1 - The PMI Group, Inc. said it intends to purchase up to $300 million of its 3% senior notes due 2008 in connection with the remarketing of up to $345 million of notes.

The Walnut Creek, Calif.-based provider of credit enhancement products said that the remarketing relates to its 5 7/8% Hybrid Income Term Security units, which were issued in November 2003.

The notes are expected to be remarketed on Aug. 10.

PMI added that it will cancel all of the 3% notes that it repurchases.

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