WINSTON-SALEM, N.C., Nov. 2 /PRNewswire-FirstCall/ -- Triad Guaranty Inc.
(Nasdaq: TGIC) today announced that the transaction with Collateral Investment
Corp. ("CIC"), previously announced on May 18, 2005, closed yesterday. In the
transaction, CIC, which holds approximately 17.4% of the outstanding common
stock of Triad, transferred all of its 2,573,551 shares of Triad common stock
to the Company in exchange for 2,528,514 newly issued shares of Triad common
stock, representing a discount of approximately 1.75% to the Company. CIC has
announced plans to liquidate and distribute the newly issued Triad shares,
which are subject to transfer restrictions, to its shareholders.
Triad Guaranty Inc.'s wholly owned subsidiary, Triad Guaranty Insurance
Corporation, is a nationwide mortgage insurer providing private mortgage
insurance (MI) to residential mortgage lenders. Private MI makes
homeownership available to buyers with equity of less than 20%, facilitates
the sale of mortgage loans in the secondary market and protects lenders from
default-related expenses. For more information, please visit the company's
web site at http://www.triadguaranty.com.
SOURCE Triad Guaranty Inc.
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Related links:
http://www.triadguaranty.com
CONTACT:
Eric Dana, Senior Vice President, Chief
Financial Officer of Triad Guaranty Inc., +1-800-451-4872, ext.
1105, or edana@tgic.com
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