Radian Increases Size of and Prices Senior Notes Offering
June 13 2019 - 6:02PM
Business Wire
Radian Group Inc. (NYSE: RDN) announced today that it has priced
its public offering (the “Offering”) of senior unsecured notes due
2027 (the “Notes”) and increased the size of the Offering from $350
million aggregate principal amount to $450 million aggregate
principal amount. The Offering is expected to close on June 24,
2019, subject to customary closing conditions.
The Notes will pay interest semi-annually on March 15 and
September 15, beginning on March 15, 2020, at a rate of 4.875% per
year, and will mature on March 15, 2027.
The Company intends to use the net proceeds from the Offering
and available cash on hand to fund tender offers (the “Tender
Offers”), which the Company commenced concurrently with the
Offering, to purchase any and all of the Company’s 5.250% senior
notes due 2020 and 7.000% senior notes due 2021, and to pay certain
fees and expenses in connection with the Tender Offers. In
addition, the Company intends to use any remaining proceeds for
general corporate purposes, including the redemption of the 5.250%
senior notes due 2020 in accordance with the terms of the related
indenture, and which may also include redemption or repurchases of
other outstanding debt securities.
RBC Capital Markets, LLC and Goldman Sachs & Co. LLC are
acting as joint book-running managers, and Barclays Capital Inc.,
Credit Suisse Securities (USA) LLC and U.S. Bancorp Investments,
Inc. are acting as joint lead managers for the Offering. 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 February 27, 2017. 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 SEC 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 RBC Capital Markets, Brookfield Place, 200 Vesey
Street, 8th Floor, New York, New York 10281, Attention: Leveraged
Capital Markets, or by telephone at 1-877-280-1299, or from Goldman
Sachs & Co. LLC, Attention: Prospectus Department, 200 West
Street, New York, NY 10282, by telephone at 1-866-471-2526 or
facsimile at 212-902-9316, or by emailing
prospectus-ny@ny.email.gs.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
filed with the SEC.
The Tender Offers are only being made upon the terms and subject
to the conditions set forth in the Company’s Offer to Purchase
dated June 13, 2019, as the same may be amended or supplemented,
and this press release does not constitute an offer to purchase any
securities.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190613005797/en/
Emily Riley – Phone: 215.231.1035Email:
emily.riley@radian.com
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