- Blackstone (NYSE:BX) has taken a "significant equity stake" in The PMI Group (OTC:PMIR), and has provided the mortgage insurer with a working capital loan in exchange for warrants and certain other rights.
- The money will be used to pursue PMI's investment strategy, which could include the raising of more capital. Blackstone will have the right to participate in future equity offerings and is expected to put on of its people on the board.
- Source: Press release
- Blackstone's stock has been particularly volatile over the past few weeks, with today no exception, up 5.25%. The shares are lower by more than 20% since Memorial Day.