Essent Group (ESNT) Prices 12M Share Common Offering at $33.25/Sh

Essent Group Ltd. (NYSE: ESNT) announced today the pricing of its previously announced public offering of 12,000,000 common shares (the “Offering”) at $33.25 per share. In connection with the Offering, the underwriters have a 30-day option to purchase up to 1,800,000 additional common shares from the Company. The Offering is expected to close on June 2, 2020, subject to customary closing conditions.

The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include (i) capital contributions to support the Company’s insurance subsidiaries and (ii) paying down borrowings under the Company’s lines of credit. The Company expects to receive proceeds from the Offering, net of underwriting discounts and commissions and estimated offering expenses, of approximately $382,400,000, assuming no exercise of the underwriters’ option to purchase additional shares.

The Offering is being made through joint book-running managers Goldman Sachs & Co. LLC and J.P. Morgan. Additionally, Barclays, BofA Securities, RBC Capital Markets and Macquarie Capital are acting as joint book-running managers. Compass Point, Dowling & Partners, Keefe, Bruyette & Woods, A Stifel Company, and Zelman Partners LLC are acting as co-managers for the Offering.

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