HAMILTON, Bermuda--(BUSINESS WIRE)--
Essent Group Ltd. (the “Company”) (NYSE:ESNT) announced today that it
has commenced a public offering in which it is offering 5,000,000 common
shares (the “Offering”). The underwriter will have the option to
purchase up to an aggregate of 750,000 additional common shares from the
Company. The offering is being underwritten by Barclays.
The Company intends to use the net proceeds from the Offering for
general corporate purposes, which may include (i) capital contributions
to support the growth of the Company’s insurance subsidiaries, and (ii)
reducing borrowings owed by the Company under that certain amended and
restated credit facility entered into by the Company and certain of its
affiliates.
The common shares are being offered pursuant to an effective shelf
registration statement (including a base prospectus) under the
Securities Act of 1933, as amended, that has been filed with the U.S.
Securities and Exchange Commission (the “SEC”). Any offer, or
solicitation to buy, if at all, will be made solely by means of a
preliminary prospectus supplement and the accompanying base prospectus.
Copies of the preliminary prospectus supplement and the accompanying
prospectus may be obtained, when available, from the SEC’s website at www.sec.gov.
Alternatively, when available, copies may be obtained from the
prospectus departments of: Barclays, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, telephone: 888-603-5847, or
email: Barclaysprospectus@broadridge.com.
This press release is for informational purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy any
security of the Company, nor will there be any sale of any such security
in any state or jurisdiction in which such offer, sale or solicitation
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release may include “forward-looking statements” which are
subject to known and unknown risks and uncertainties, many of which may
be beyond our control. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"plan," "seek," "comfortable with," "will," "expect," "intend,"
"estimate," "anticipate," "believe" or "continue" or the negative
thereof or variations thereon or similar terminology. Actual events,
results and outcomes may differ materially from our expectations due to
a variety of known and unknown risks, uncertainties and other factors.
Although it is not possible to identify all of these risks and factors,
they include, among others, the following: changes in or to Fannie Mae
and Freddie Mac (the “GSEs”), whether through Federal legislation,
restructurings or a shift in business practices; failure to continue to
meet the mortgage insurer eligibility requirements of the GSEs;
competition for customers or the loss of a significant customer; lenders
or investors seeking alternatives to private mortgage insurance; an
increase in the number of loans insured through Federal government
mortgage insurance programs, including those offered by the Federal
Housing Administration; decline in the volume of low down payment
mortgage originations; uncertainty of loss reserve estimates; decrease
in the length of time our insurance policies are in force; deteriorating
economic conditions; the definition of "Qualified Mortgage" reducing the
size of the mortgage origination market or creating incentives to use
government mortgage insurance programs; the definition of "Qualified
Residential Mortgage" reducing the number of low down payment loans or
lenders and investors seeking alternatives to private mortgage
insurance; the implementation of the Basel III Capital Accord
discouraging the use of private mortgage insurance; non-U.S. operations
becoming subject to U.S. Federal income taxation; becoming considered a
passive foreign investment company for U.S. Federal income tax purposes;
and other risks and factors described in Part I, Item 1A “Risk Factors”
of our Annual Report on Form 10-K for the year ended December 31, 2016
filed with the Securities and Exchange Commission on February 16, 2017.
Any forward-looking information presented herein is made only as of the
date of this press release, and we do not undertake any obligation to
update or revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or otherwise.
About the Company
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company
(collectively with its subsidiaries, “Essent”) which, through its
wholly-owned subsidiary Essent Guaranty, Inc., offers private mortgage
insurance for single-family mortgage loans in the United States. Essent
provides private capital to mitigate mortgage credit risk, allowing
lenders to make additional mortgage financing available to prospective
homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc.
is licensed to write mortgage insurance in all 50 states and the
District of Columbia, and is approved by Fannie Mae and Freddie Mac.
Essent also offers mortgage-related insurance, reinsurance and advisory
services through its Bermuda-based subsidiary, Essent Reinsurance Ltd.
Additional information regarding Essent may be found at www.essentgroup.com
and www.essent.us.
Source: Essent Group Ltd.
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Source: Essent Group Ltd.