Radian Increases Size and Prices 7-Year Senior Notes Offering
September 12 2017 - 8:35PM
Business Wire
Radian Group Inc. (NYSE: RDN) announced today that it has priced
its public offering of senior unsecured notes due 2024 (the “2024
Notes”) and increased the size of the offering (the “Offering”)
from $400 million aggregate principal amount to $450 million
aggregate principal amount. RBC Capital Markets and Goldman Sachs
& Co. LLC are acting as joint book-running managers, Credit
Suisse and US Bancorp are acting as joint lead managers and Ramirez
& Co., Inc. is acting as co-manager for the Offering. The
Offering is expected to close on September 26, 2017, subject to
customary closing conditions.
The 2024 Notes will pay interest semi-annually on April 1 and
October 1 at a rate of 4.50% per year, and will mature on October
1, 2024.
The Company intends to use the net proceeds from the Offering
and available cash on hand to fund a tender offer (the “Tender
Offer”), which the Company commenced concurrently with the
Offering, to purchase certain of the Company’s outstanding senior
notes. In addition, the Company intends to use any remaining
proceeds for general corporate purposes, which may include the
redemption, in accordance with the terms of the related indentures,
of some or all of the Company’s outstanding senior notes that are
not tendered and accepted for purchase in the Tender Offer.
The 2024 Notes are being offered for sale pursuant to a
prospectus and related prospectus supplement that constitute a part
of the Company’s shelf registration statement filed with the
Securities and Exchange Commission (the “SEC”) on Form S-3 on
February 27, 2017. Before making an investment, potential investors
should first read the prospectus supplement and accompanying
prospectus, the registration statement and the other documents that
the Company filed or will file with the SEC in connection with the
Offering. A copy of the prospectus supplement and the accompanying
base prospectus for the Offering has been filed with the SEC and is
available for free on the SEC’s website: http://www.sec.gov.
Alternatively, copies may be obtained from RBC Capital Markets, 200
Vesey Street, 8th Floor, New York, New York 10281, Attention:
Leveraged Finance Capital Markets, or by telephone at
1-877-280-1299, from Goldman Sachs & Co. LLC, Attention:
Prospectus Department, 200 West Street, New York, NY 10282, by
telephone at 1-866-471-2526 or facsimile at 212-902-9316, or by
emailing prospectus-ny@ny.email.gs.com, from Credit Suisse,
Attention: Prospectus Department, One Madison Avenue, New York, NY
10010, by telephone at 1-800-221-1037, or by emailing:
newyork.prospectus@credit-suisse.com or from US Bancorp, 214 N.
Tryon St., 26th Floor, Charlotte, NC 28202, or by facsimile at
1-877-558-2607.
This press release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy any security of the Company, nor will there be any sale of any
such security in any jurisdiction in which such offer, sale or
solicitation would be unlawful. The Offering may be made only by
means of a prospectus supplement and accompanying base prospectus
filed with the SEC.
The Tender Offer is only being made upon the terms and subject
to the conditions set forth in the Company’s Offer to Purchase
dated September 12, 2017, as the same may be amended or
supplemented, and this press release does not constitute an offer
to purchase any securities.
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance, risk management products and
real estate services to financial institutions. Radian offers
products and services through two business segments:
- Mortgage Insurance, through its
principal mortgage insurance subsidiary Radian Guaranty Inc. This
private mortgage insurance protects lenders from default-related
losses, facilitates the sale of low-downpayment mortgages in the
secondary market and enables homebuyers to purchase homes more
quickly with downpayments less than 20%.
- Mortgage and Real Estate
Services, through its principal services subsidiary Clayton, as
well as Green River Capital, Red Bell Real Estate and ValuAmerica.
These solutions include information and services that financial
institutions, investors and government entities use to evaluate,
acquire, securitize, service and monitor loans and asset-backed
securities.
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version on businesswire.com: http://www.businesswire.com/news/home/20170912006943/en/
Radian Group Inc.Emily Riley,
215-231-1035emily.riley@radian.biz
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