Davis Polk & Wardwell LLP advised Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint book-running managers on SEC-registered offerings of $478 million of common stock and $261 million aggregate principal amount of 4.5% convertible senior notes of The PMI Group, Inc.

Based in Walnut Creek, California, The PMI Group, Inc. provides residential mortgage insurance in the United States through its subsidiary, PMI Mortgage Insurance Co. and its affiliated companies.

The Davis Polk corporate team included partners Richard J. Sandler and Ethan T. James and associates Aaron Page, Anjali Sara Bonner (not yet admitted) and Noah L. Wynkoop (not yet admitted). The Davis Polk equity derivatives team included partner Mark M. Mendez and associates Jenny M. Dahlen and Yinjie (Jessy) Li. Partner Michael Farber and associate Andrew Teruo Hayashi provided tax advice. Catherine E. Thomas was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.