MGIC Investment Corp. announced today it has agreed to sell 37.3 million shares of its common stock in a public offering at a price of $11.25 per share, for gross proceeds of approximately $420 million.
The gross proceeds represent a 20-percent increase in the size of the offering over what MGIC had previously announced. Milwaukee-based MGIC also granted to the underwriters of the public offering an option to purchase an additional 5.6 million shares of common stock at the same price. Banc of America Securities LLC is acting as book-runner of the public offering.
The net proceeds of the offering will be used to increase the capital of Mortgage Guaranty Insurance Corp., MGIC's principal insurance subsidiary, in order to enable it to expand the volume of its new business and for MGIC's general corporate purposes.
MGIC also announced today that it has agreed to sell $325 million 9-percent convertible junior subordinated debentures due 2063.
Mortgage insurers are scrambling for cash to cover more mortgages amid increasing foreclosures.
MGIC reported a net loss for the fourth quarter of $1.47 billion. The stock offerings and debt notes are coming after Fitch Ratings threatened to cut MGIC's credit rating if it did not raise more capital.
MGIC chairman and chief executive officer Curt Culver said he will buy 25,000 shares of the company's stock.

Avanade Inc., a global information technology consultancy, announced today it has opened an office in downtown Milwaukee.
The new office in the Wisconsin Center along Kilbourn Avenue will be the local hub for 50 employees and consultants focusing on application development for the automotive and industrial manufacturing, consumer goods and financial services industries.
"With an emerging customer base in several industries across the Midwest, our Wisconsin office ensures Avanade will provide local customers with deep and comprehensive services on the Microsoft platform," said Joseph Mendel, general manager of the Seattle-based company's central region. "Although we've been working with Wisconsin companies through our Chicago location since 2003, this new office gives us a dedicated workforce to offer more efficient service for local clients."
With a larger, local workforce, Avanade is committed to building a significant presence in Wisconsin and delivering lower cost solutions to customers. The Wisconsin office provides Avanade with the capacity to build deeper relationships with local customers and partners in the area by participating in more industry and community events.
"We're pleased that Avanade is making this commitment to Wisconsin. Avanade is a genuine global player, specializing in Microsoft solutions for the enterprise," said Rob Busch, Microsoft Corp. enterprise sales manager for the Midwest. "We're excited that it will now be easier for us to bring assets and experience of Avanade's caliber to our customers and to help them drive more value out of their investment in our products."
With 49 offices across the globe, Avanade has more than 7,800 professionals serving customers in 22 countries.
Avanade was founded in 2000 by Accenture and Microsoft.

Hartford-based API Software Inc., a provider of labor resource management software solutions for health care organizations, today announced that it has acquired ENEPCS (Expert Nurse Estimation Patient Classification System), an automated system that measures clinical workload and provides the number of hours and skill mix required to meet patient needs.
The system was acquired from its creator, Kathy Malloch,
"The acquisition of ENEPCS enhances our offering to hospital customers. When used in conjunction with API's ActiveStaffer staffing and scheduling system, managers can take staff credentials, skill sets and patient acuity into account when making staffing decisions," said Luis Garcia, API's president and chief executive officer.
ENEPCS provides essential data for identifying patient care needs, staffing hours and skill mix, justifying reallocation of staff and estimating the cost of nursing care. The system can provide the data required to meet state and federal legislative requirements.
"API's suite of labor resource management applications is an excellent match with the ENEPCS system," Malloch said. "API's existing client base will benefit from the new product, which will further help them meet the constantly changing demands of the healthcare environment. ENEPCS clients will also be able to access a wider range of labor resource management systems for enhanced efficiency and streamlined workflow."

AT&T Inc. announced today that law enforcement authorities in Wisconsin will have new tools to combat metal theft, starting Wednesday, when a new state law aimed at combating the growing problem goes into effect.
By requiring scrap metal dealers to keep records related to resale transactions, the law is expected to deter metal thefts and make it easier for police to apprehend criminals.
"Wisconsin residents are put at risk by these thefts, which can cause phone service outages that leave people without access to 911 emergency services," AT&T Wisconsin president Scott VanderSanden said. "The new law will help police catch thieves and makes it harder for thieves to profit from such thefts."
The law establishes record-keeping requirements for metal sales to scrap dealers. Scrap metal dealers must record a seller's identification information and descriptions of items being sold.
The bill, similar to laws passed in more than 30 other states, was backed by many Wisconsin associations and companies in the telephone, electric, brewing, rail, construction and food industries, as well as law enforcement officials.
Such thefts are on the rise nationally, particularly as the price of copper has increased over the last several years.
Thefts in Wisconsin have included copper wire from power poles, electric substations,
construction sites, phone companies and of copper vases from cemeteries. VanderSanden said that AT&T Wisconsin has seen thefts of its copper in various parts of the state, and some of the thefts have resulted in phone service outages.

Harley-Davidson Inc. is inviting people worldwide to become a part of the Harley-Davidson Museum family through a new membership program.
The museum will open in Milwaukee's Menomonee River Valley in July.
Harley is offering several membership levels, and those who join the museum by June 1 will be invited to a pre-grand opening preview, subject to capacity. All who sign up in 2008 will known as "Founding Members."
Museum members will receive exclusive benefits and privileges reserved for those who want access to the "back roads" of the Harley-Davidson experience.
Memberships start at $40 annually.
"Membership will allow our visitors to get the most out of their museum experience," said Stacey Schiesl, Harley-Davidson Museum director. "Through exclusive events and behind-the-scenes access, our members will be able to connect to the museum and the history and culture of Harley-Davidson in a very meaningful way."
For more information, visit www.h-dmuseum.com/membership.

Foundations Bank opens the Center for Business Growth in Pewaukee to help start-up companies grow. Read more in the latest edition of the BizTimes Money bulletin.

Today is the last day to register for the Small Business Times "Next Stage" M&A Forum, which will take place on Thursday.
The forum is intended to help business owners plan for their exit strategies.
The event will take place from 7:30 to 11 a.m. at The Pfister Hotel, 424 E. Wisconsin Ave.
The forum will examine different exit strategies, including recapitalizations, employee stock ownership programs, management buyouts, sale to private equity firms, mergers with strategic partners and more.
The keynote speaker of the forum will be Mark Herndon, president of Dallas-based Parkwood Advisors LLC, a diversified professional services firm focused on M&A, investment banking and private equity investing. Herndon also is the co-author of "The Complete Guide to Mergers and Acquisitions: Process Tools to support M&A Integration at Every Level."
The event will include breakout sessions from 9:15 to 10 a.m. and from 10:15 to 11 a.m., presented by Emory & Co., The PrivateBank and Reinhart Boerner Van Deuren S.C., The event also is sponsored by the Milwaukee Bar Association.
For more information, register online or call Sarah Wilson at (414) 336-7129.

The Wisconsin Supreme Court justice election is being corrupted by large campaign contributions and third-party stealth advertising, according to Mike McCabe, author of today's Milwaukee Biz Blog.

Maple Leaf Farms in Yorkville (Racine County) blames ethanol production and soaring feed costs for its decision to permanently close most of its local duck-raising operations. The Milford, Ind.-based company announced that it will close the duck slaughtering and processing operations, eliminating about 175 of its 210 jobs. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com.

The BizTimes Stock Index gained 4.71 points to close at 153.75 Monday, and local stocks struggled to retain those gains in early morning trading today. The largest local gainers this morning were Bucyrus International Inc. (up $2.25 to $106.72) and Strattec Security Corp. (up $1.66 to $39.46). The largest local decliners this morning were Harley-Davidson Inc. (down $1.06 to $39.59) and Manpower Inc. (down $1.05 to $58.03). The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.