Radian gets tenders for $195.18 million 5 3/8% notes in exchange offer

By Marisa Wong

Madison, Wis., Jan. 2 - Radian Group Inc. said holders had tendered $195,176,000 of its $250 million of outstanding 5 3/8% senior notes due June 15, 2015 by 11:59 p.m. ET on Dec. 31, the expiration of the exchange offer that began on Dec. 3.

The company offered a new series of 9% senior notes due June 15, 2017 and a cash payment for the outstanding 5 3/8% notes.

According to a Wednesday press release, the company expects to deliver $195,176,000 of new 9% notes in exchange for all the tendered 5 3/8% notes and a cash consideration of $4,878,925 for the $195,157,000 of 5 3/8% notes tendered by the early deadline at 5 p.m. ET on Dec. 14.

As noted before, holders who tender their 5 3/8% notes by the early participation date will receive for each $1,000 principal amount of old notes the total exchange payment, which consists of an equal principal amount of new notes and an early participation payment of $25.00 in cash.

Holders will also receive interest accrued from Dec. 15 to but excluding the settlement date, which is Jan. 4.

Global Bondholder Services Corp. (866 873-6300 or 212 430-3774 for banks and brokers) is the information agent.

Based in Philadelphia, Radian provides private mortgage insurance and related risk mitigation products and services to mortgage lenders through its principal operating subsidiary, Radian Guaranty Inc.

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