Radian Increases Size and Prices Offering of Senior Notes
PHILADELPHIA--(BUSINESS WIRE)--Jun. 16, 2015--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150616006770/en/
Source: Radian Group Inc.
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.com
