UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Date of Report (Date of Earliest Event Reported): | | August 5, 2005 |
The PMI Group, Inc.
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(Exact name of registrant as specified in its charter)
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| Delaware | 1-13664 | 94-3199675 |
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(State or other jurisdiction | _____________
(Commission | ______________
(I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
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| PMI Plaza, 3003 Oak Road, Walnut Creek, California | | 94597 |
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(Address of principal executive offices) | | ___________
(Zip Code) |
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| Registrant’s telephone number, including area code: | | 925-658-7878 |
Not Applicable
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Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On August 5, 2005, The PMI Group, Inc. ("PMI") entered into a second amendment (the "Second Amendment") to the Summary of Terms, dated January 19, 2005, as amended by the First Amendment to the Summary of Terms, dated as of July 28, 2005 (together, the "Summary of Terms"), with Credit Suisse First Boston (USA), Inc. ("CSFB"), DLJ Mortgage Capital Inc., SPS Holding Corp. ("SPS"), Select Portfolio Servicing, Inc. and FSA Portfolio Management Inc. ("FSA") relating to CSFB's option to acquire 100% of the outstanding capital stock of SPS from PMI, FSA and the other shareholders of SPS.
The Second Amendment extends CSFB's option to acquire the outstanding capital stock of SPS until August 12, 2005 from the previous expiration date of August 5, 2005.
The proposed transaction is subject to the negotiation and execution of mutually acceptable definitive documentation and the satisfaction of other conditions. There can be no assurance that the proposed transaction will be consummated or that CSFB will e xercise its option to acquire SPS.
For additional information about the Summary of Terms and PMI's investment in, and relationship with, SPS and Select Portfolio Servicing, Inc., please see PMI's Annual Report on Form 10-K for the year ended December 31, 2004 and PMI's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits. The following exhibit is filed herewith:
Exhibit 10.36(b) -
Second Amendment to the Summary of Terms, dated as of August 5, 2005, among SPS Holding Corp., Select Portfolio Servicing, Inc., Credit Suisse First Boston (USA), Inc., DLJ Mortgage Capital Inc., The PMI Group, Inc. and FSA Portfolio Management Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | The PMI Group, Inc. |
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| August 8, 2005 | | By: | | Donald P. Lofe, Jr.
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| | | | | Name: Donald P. Lofe, Jr. |
| | | | | Title: Executive Vice President and Chief Financial Officer |
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| | | The PMI Group, Inc. |
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| August 8, 2005 | | By: | | Thomas H. Jeter
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| | | | | Name: Thomas H. Jeter |
| | | | | Title: Vice President and Corporate Controller |
Exhibit Index
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| Exhibit No. | | Description |
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10.36(b) | | Second Amendment to the Summary of Terms, dated as of August 5, 2005 |
