Radnor Re accepts $84 million in tendered mortgage insurance-linked notes

By Mary-Katherine Stinson

Lexington, Ky., Dec. 18 – Radnor Re 2019-1 Ltd. and Radnor Re 2020-1 Ltd. announced that approximately $84 million in original principal amount of its series 2019-1 and 2020-1 mortgage insurance-linked notes were tendered in the company’s previously announced any-and-all tender offer, according to a press release.

All, or 100%, of the series RMIR 2019-1 notes were tendered and accepted for purchase, as follows:

• $24,816,090 original principal amount of M-1 B notes (Cusip: 75049SAB9) for $1,010.94 per note;

• $4,621,067 original principal amount of M-2 notes (Cusip: 75049SAC7) for $1,035 per note; and

• $1 million original principal amount of B-1 notes (Cusip: 75049SAD5).

Also part of the offers are the series RMIR 2020-1 notes, which were also tendered and accepted for purchase in full, at the following amounts:

• $12.05 million original principal amount of M-1 B notes (Cusip: 750493AB4);

• $13.05 million original principal amount of M-1C notes (Cusip: 750493AC2);

• $3 million original principal amount of M-2A notes (Cusip: 750493AD0); and

• $19,812,000 original principal amount of M-2B notes (Cusip: 750493AE8).

Lastly, regarding the final series of the RMIR 2020-1 notes, $5,187,000, or 68.82%, of the $7,537,000 original principal amount of the B-1 notes (Cusip: 750493AF5) were tendered and accepted for purchase.

The tender offer considerations are based on $1,000 notes. The applicable total consideration to be paid by RMIR 2019-1 or RMIR 2020-1, as the case may be, to holders that tender notes accepted for purchase pursuant to the offer will be calculated based on the original principal amount of such tendered and accepted notes, the applicable factor, and the applicable tender offer consideration.

The offer expired at 5 p.m. ET on Dec. 15, also the withdrawal deadline.

Settlement is planned for Dec. 19.

There are guaranteed delivery procedures. Guaranteed delivery settlement is planned for Dec. 20.

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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