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05/15/2008
Radian Amendment to Credit Agreement Declared Effective
PHILADELPHIA, May 15, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Radian Group Inc. (NYSE: RDN) announced today that it has satisfied all outstanding closing conditions of the first amendment to its revolving credit facility. The amendment, as previously reported on April 30, 2008, permanently eliminates the ratings covenant included in the original facility and provides Radian with greater flexibility with respect to the minimum net worth that it must maintain. In return, Radian agreed to certain other conditions and covenants, including to secure the facility and reduce the commitment size from $400 million to $250 million, with further reductions to $150 million to take place if certain repayment events occur. The bank group remains unchanged with Key Bank continuing to serve as agent.
Radian Group Inc. is a global credit risk management company headquartered in Philadelphia with significant operations in New York and London. Radian develops innovative financial solutions by applying its core mortgage credit risk expertise and structured finance capabilities to the credit enhancement needs of the capital markets worldwide, primarily through credit insurance products. The company also provides credit enhancement for public finance and other corporate and consumer assets on both a direct and reinsurance basis and holds strategic interests in credit-based consumer asset businesses. Additional information may be found at http://www.radian.com.
Contact: For investors: Terri Williams-Perry - phone: 215 231.1486 Email: terri.williams-perry@radian.com For the media: Rick Gillespie - phone: 215 231.1061 Email: rick.gillespie@radian.com Tim Lynch / Eric Bonach Joele Frank, Wilkinson Brimmer Katcher 212 355.4449
SOURCE Radian Group Inc.