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Blackstone makes strategic investment in PMI Group

Funds affiliated with Blackstone Tactical Opportunities have made a strategic investment in the PMI Group.

In connection with the purchase of a significant equity stake in PMI, Blackstone has agreed to provide the Company with a loan for working capital needs in exchange for warrants and certain other rights. The Company intends to use the funds to pursue its investment strategy, which may include raising additional capital. Among other rights, Blackstone will have the right to participate in future equity offerings by the Company and is expected to nominate a director to the Board.
 
Timothy Graham, President and Chairman of the Board of Directors of the PMI Group, says: “We are delighted to announce Blackstone’s strategic investment in PMI. The Board of PMI believes Blackstone is an ideal partner for the Company as PMI pursues an investment strategy that will create significant shareholder value for all PMI shareholders.”
 
“Blackstone is pleased to announce its investment in PMI,” says Naveen Bhatia (pictured) of Blackstone Tactical Opportunities. “Blackstone is well positioned to help the company achieve its strategic objectives and maximise value for all shareholders. We look forward to partnering with the PMI team.”

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