Genworth Financial : Enact Expects To Price IPO Of 13.31 Mln Shares In $19.00 - $20.00/shr Range

(RTTNews) - Enact Holdings Inc., a provider of private mortgage insurance through its insurance subsidiaries, said Monday that it has commenced an initial public offering of about 13.31 million shares of common stock. The initial public offering price is expected to be between $19.00 and $20.00 per share.

All of the shares are being offered by the selling stockholder, Genworth Holdings, Inc. or GHI, a wholly owned subsidiary of Genworth Financial Inc. (GNW). Net proceeds from the offering will go to Genworth Holdings.

Genworth Holdings expects to grant the underwriters a 30-day option to purchase up to an additional about 2.00 million shares of Enact's common stock at the initial public offering price, less the underwriting discount.

The shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol "ACT."

In addition to the shares being sold in the initial public offering, certain investment funds managed by Bayview Asset Management, LLC have agreed to purchase shares of Enact's common stock from GHI in a concurrent private sale at a price per share equal to the initial public offering price less the underwriting discount per share.

Bayview has agreed to purchase 14.66 million shares of Enact's common stock if the initial public offering price is less than or equal to $22.00 per share; or (ii) 4 million shares of common stock if the initial public offering price is greater than $22.00 per share but less than or equal to $24.00.