NMI Holdings, the parent company of National Mortgage Insurance (National MI), announced that it has entered into a $150 million senior secured term loan B to support the continued growth of its insurance-in-force. JP Morgan Securities is serving as sole lead arranger and sole bookrunner for the transaction and JPMorgan Chase Bank is serving as administrative agent.

Bradley Shuster, chairman and chief executive officer of National MI, said, “Our recent growth in new insurance written, insurance-in-force and risk-in-force has surpassed our expectations, and is driving the need for more capital to comply with the risk-to-capital frameworks of both state and federal regulatory agencies. This opportunistic transaction supports continuing compliance with these regulatory requirements, significantly reduces our cost of capital, and when combined with current capital resources, provides capacity to write approximately $20 billion of high-quality new mortgage insurance. We believe this transaction underscores the attractiveness of National MI as a growing participant in the private mortgage insurance industry as well as our ability to deliver solid returns on capital over time.”