Radnor Re units report $704 million tendered in offer for eight series of notes

By Mary-Katherine Stinson

Lexington, Ky., May 22 – Radnor Re 2019-1 Ltd. and Radnor Re 2020-1 Ltd. announced tender results of its offers to purchase any and all of the mortgage insurance-linked notes from eight series, according to multiple notices.

As of the expiration at 5 p.m. ET on May 19, a total of $704 million of the total principal amount of notes were tendered.

Specifically, the results by series are as follows:

• $149,746,910 of the $174,563,000, or 85.78%, of the series RMIR 2019-1 notes identified as M-1B (Cusips: 75049SAB9, G7341QAB4) were tendered and accepted for purchase for a consideration of $1,008.28 per $1,000 of original principal;

• $188,315,933 of the $192,937,000, or 97.6%, of the series RMIR 2019-1 notes identified as M-2 (Cusips: 75049SAC7, G7341QAC2) were tendered and accepted for purchase for a consideration of $1,028.44 per $1,000 of original principal;

• $20,137,000 of the $21,137,000, or 95.27%, of the series RMIR 2019-1 notes identified as B-1 (Cusips: 75049SAD5, G7341QAD0) were tendered and accepted for purchase for a consideration of $1,055.47 per $1,000 of original principal;

• $121,625,000 of the $133,675,000, or 90.99%, of the series RMIR 2020-1 notes identified as M-1B (Cusips: 750493AB4, G73441AB6) were tendered and accepted for purchase for a consideration of $1,001.56 per $1,000 of original principal;

• $64,567,000 of the $77,617,000, or 83.19%, of the series RMIR 2020-1 notes identified as M-1C (Cusips: 750493AC2, G73441AC4) were tendered and accepted for purchase for a consideration of $1,002.66 per $1,000 of original principal;

• $122,051,000 of the $125,051,000, or 97.6%, of the series RMIR 2020-1 notes identified as M-2A (Cusips: 750493AD0, G73441AD2) were tendered and accepted for purchase at par;

• $23,308,000 of the $43.12 million, or 54.05%, of the series RMIR 2020-1 notes identified as M-2B (Cusips: 750493AE8, G73441AE0) were tendered and accepted for purchase at par; and

• $14,023,000 of the $21.56 million, or 65.04%, of the series RMIR 2020-1 notes identified as B-1 (Cusips: 750493AF5, G73441AF7) were tendered and accepted for purchase at par.

Accrued interest will also be paid.

Settlement is expected for May 23.

Any notes tendered and accepted for purchase through guaranteed delivery procedures will settle on May 24.

The offer was launched May 15.

BofA Securities, Inc. (980 387-3907, 888 292-0070) is the dealer manager for each offer.

Requests for the offer documents may be directed to the information agent Global Bondholder Services Corp. (212 430-3774, 855 654-2014, https://www.gbsc-usa.com/radnor).

Essent Guaranty, Inc. is an insurance company based in Pennsylvania. Essent is the ceding insurer for the notes.

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