Radian Increases Size and Prices Offering of Senior Notes
June 16 2015 - 7:42PM
Business Wire
Radian Group Inc. (NYSE: RDN) announced today that it has priced
its underwritten public offering of its senior unsecured notes due
2020 and increased the size of the offering from $300 million
aggregate principal amount to $350 million aggregate principal
amount (the “Offering”). Goldman, Sachs & Co., BofA Merrill
Lynch and Deutsche Bank Securities are acting as book-running
managers for the Offering. The Offering is expected to close on
June 19, 2015, subject to customary closing conditions.
The notes will be the Company’s unsecured senior obligations.
The notes will pay interest semi-annually on June 15 and December
15 at a rate of 5.250% per year, and will mature on June 15,
2020.
The Company may redeem the notes, in whole or in part, at its
option at any time or from time to time prior to maturity at a
redemption price equal to the greater of (i) 100% of the aggregate
principal amount of the notes to be redeemed and (ii) the
make-whole amount, which is the sum of the present values of the
remaining scheduled payments of principal and interest in respect
of the notes to be redeemed discounted at the Treasury Rate plus 50
basis points, plus, in each case, accrued and unpaid interest
thereon to, but excluding, the redemption date.
The Company intends to use the net proceeds from the Offering,
together with shares of its common stock, to purchase some of its
outstanding 2017 Convertible Notes and thereafter, to repurchase
some of the common stock the Company may issue in connection with
such purchases, and otherwise for general corporate purposes.
The 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 May 6, 2014.
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 Securities and Exchange Commission 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
Goldman, Sachs & Co., Attn: Prospectus Department, 200 West
Street, New York, NY 10282, by calling (866) 471-2526 or by
emailing prospectus-ny@ny.email.gs.com, from BofA Merrill Lynch,
222 Broadway, New York, NY 10080, Attn: Prospectus Department or
email dg.prospectus_requests@baml.com and from Deutsche Bank
Securities, Attn: Prospectus Department, 100 Plaza One, Jersey
City, New Jersey 07311, (Tel): 1-800-503-4611,
prospectusrequest@list.db.com.
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.
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance and related risk mitigation
products and services to mortgage lenders nationwide through its
principal operating subsidiary, Radian Guaranty Inc. These services
help promote and preserve homeownership opportunities for
homebuyers, while protecting lenders from default-related losses on
residential first mortgages and facilitating the sale of
low-downpayment mortgages in the secondary market.
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version on businesswire.com: http://www.businesswire.com/news/home/20150616006770/en/
Radian Group Inc.Emily Riley,
215-231-1035emily.riley@radian.biz
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