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Radian begins one-month capped tender offers for three note series
By Susanna Moon
Chicago, Sept. 12 – Radian Group Inc. said it is tendering for a maximum amount of three series of notes until 11:59 p.m. ET on Oct. 10.
The total purchase price for each $1,000 principal amount is as follows:
• $300 million 5.5% senior notes due 2019 with a tender cap of $150 million and total purchase price of $1,060.99;
• $350 million 5.25% senior notes due 2020 with a tender cap of $125 million and total purchase price of $1,078.75; and
• $350 million 7% senior notes due 2021 with a tender cap of $125 million and total purchase price of $1,148.75.
The total payment includes an early premium of $30.00 for each $1,000 principal amount of notes tendered by 5 p.m. ET on Sept. 25, the early tender date.
Holders who tender after the early deadline will receive the total amount less the early premium.
The issuer also will pay accrued interest to but excluding the settlement date, which is expected to be Sept. 26 for early tendered notes and Oct. 11 for remaining tenders.
Tendered notes may be withdrawn before the early deadline.
The tenders are not contingent upon any minimum amount of notes being tendered but are conditioned upon closing of an offering of senior debt securities with enough proceeds to help fund the offers, according to a company announcement.
The dealer manager is RBC Capital Markets, LLC (877 381-2099 or 212 618-7822). The information agent is Global Bondholder Services Corp. (866 873-6300 or 212 430-3774).
Philadelphia-based Radian Group provides private mortgage insurance, risk management products and real estate services to financial institutions.
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