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04/11/2019
Radian Announces Closing of $562 Million Mortgage Insurance-Linked Notes Transaction
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190411005871/en/
Eagle Re has funded its reinsurance obligations by issuing four classes
of ILNs which have a 10-year maturity with a 7-year call option. The
ILNs are non-recourse to
The ILNs issued by Eagle Re consist of the following four classes:
$107,054,000 Class M-1A Notes with a coupon equal to one-month LIBOR plus 125 basis points$176,640,000 Class M-1B Notes with a coupon equal to one-month LIBOR plus 180 basis points$235,520,000 Class M-2 Notes with a coupon equal to one-month LIBOR plus 330 basis points$42,822,000 Class B-1 Notes with a coupon equal to one-month LIBOR plus 450 basis points
The Notes have been assigned ratings of BBB+ for Class M-1A; BBB- for
Class M-1B; BB- for Class M-2; and B+ for Class B-1 by
“We were once again pleased with the strong market demand for our ILN
transaction,” said Radian’s Chief Executive Officer
Additional information about the ILN reinsurance transaction may be found on the Investors section of Radian’s website at https://www.radian.biz/page?name=Presentations.
About Radian
Radian is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate, and title services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Learn more about Radian’s financial strength and flexibility at www.radian.com and visit www.radian.com to see how Radian is shaping the future of mortgage and real estate services.
Forward-Looking Statements
All statements in this press release that address events, developments
or results that we expect or anticipate may occur in the future are
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Exchange Act and the U.S.
Private Securities Litigation Reform Act of 1995. In most cases,
forward-looking statements may be identified by words such as
“anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,”
“intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,”
“predict,” “project,” “potential,” “continue,” “seek,” “strategy,”
“future,” “likely” or the negative or other variations on these words
and other similar expressions. These statements, which may include,
without limitation, projections regarding our future performance and
financial condition, are made on the basis of management’s current views
and assumptions with respect to future events. Any forward-looking
statement is not a guarantee of future performance and actual results
could differ materially from those contained in the forward-looking
statement. These statements speak only as of the date they were made,
and we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. We operate in a changing environment where new risks emerge
from time to time and it is not possible for us to predict all risks
that may affect us. For more information regarding these risks and
uncertainties as well as certain additional risks that we face, you
should refer to the Risk Factors detailed in Item 1A of our Annual
Report on Form 10-K for the year ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20190411005871/en/
Source:
Emily Riley – Phone: 215.231.1035
Email: emily.riley@radian.com