News

01/04/2010

Radian Announces Tender Offer Results for Money Market CPS

Company Successfully Completes Purchase Offers for Two Series; Announces Expiration for Remaining SeriesPHILADELPHIA, Jan 04, 2010 (BUSINESS WIRE) -- Radian Group Inc. today announced that Radian has successfully completed its tender offers to purchase up to all of the money market committed preferred securities issued by Market Street Custodial Trust II and Market Street Custodial Trust III. The terms and conditions of the offer were set forth in the Purchase Offer Memorandum and Consent Solicitation Statement for each trust, as well as the Supplements thereto, dated November 30, 2009, December 15, 2009, and December 22, 2009.

The offer for the securities of Market Street Custodial Trust II and Market Street Custodial Trust III expired at 5:00 p.m. Eastern time, on December 30, 2009. Global Bondholder Services Corporation, the depositary for the offers, advised Radian that 65.8% and 88% of the outstanding securities of Market Street Custodial Trust II and Market Street Custodial Trust III, respectively, were validly tendered in the offer. A closing condition to a successful tender for each series of securities was the tender of a majority of the securities of such series.

In accordance with the terms of the offer, Radian accepted for payment all of the validly tendered securities of Market Street Custodial Trust II and Market Street Custodial Trust III in the aggregate face amount of $32,900,000 and $44,000,000, respectively, at a purchase price of $35,000 for each security (of $100,000 face amount). Payment for tendered securities is expected to be made on or before January 5, 2010.

In addition, Radian announced that the offer to purchase the money market committed preferred securities issued by Market Street Custodial Trust I expired at 5:00 p.m., Eastern time, on December 30, 2009. Approximately 45% of the outstanding securities of Market Street Custodial Trust I were tendered before the expiration time; therefore, the condition that a majority of those securities be tendered was not satisfied. Radian has instructed Global Bondholder Services Corporation to promptly return the previously tendered securities of Market Street Custodial Trust I to their respective holders.

Goldman, Sachs & Co. acted as dealer-manager for the tender offers and consent solicitations and can be contacted at (800) 828-3182 (toll-free) or, for banks and brokers, (212) 902-5183. Global Bondholder Services Corporation acted as the information agent for the offers and consent solicitations and can be contacted at (866) 857-2200 (toll- free) or, for banks and brokers, (212) 430-3774.

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. Additional information may be found at www.radian.com.

SOURCE: Radian Group Inc.

Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.com