Radian Announces $550 Million Common Stock Offering
04 Mai 2010 - 12:40PM
Business Wire
Radian Group Inc. (NYSE: RDN) announced today that it has
commenced an underwritten public offering of up to $550 million of
its common stock. Keefe, Bruyette & Woods, Inc. (“KBW”) and
Morgan Stanley & Co. Incorporated (“Morgan Stanley”) will act
as joint book-running managers, with FBR Capital Markets & Co.,
Wells Fargo Securities, LLC and Northland Securities, Inc. acting
as co-managers. The underwriters will also have the option to
purchase up to an additional 15%, or $82.5 million, of common stock
from the Company at the offering price, less underwriting discounts
and commissions, within 30 days, solely to cover over-allotments,
if any. The offering is subject to market conditions, and there can
be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering. The
Company intends to use the net proceeds from the offering to fund
working capital requirements and for general corporate purposes,
which may include additional capital support for its mortgage
insurance business and repurchases of, or payments on, its
outstanding debt securities.
The shares are being offered pursuant to an effective shelf
registration statement that was previously filed with the
Securities and Exchange Commission (the “SEC”) and was declared
effective on July 29, 2009. A copy of the preliminary prospectus
supplement and related base prospectus for the offering has been
filed with the SEC and is available on the SEC’s website,
www.sec.gov. Alternatively, KBW or Morgan Stanley will arrange to
send you the preliminary prospectus supplement and related base
prospectus if you request them by contacting Keefe, Bruyette &
Woods, Inc., Equity Capital Markets at 787 Seventh Avenue, 4th
Floor, New York, NY 10019 or Morgan Stanley & Co. Incorporated,
180 Varick Street, 2nd Floor, New York, NY 10014, Attention:
Prospectus Department, 1-866-718-1649.
This press release is for informational purposes only and is not
an offer to buy or the solicitation of an offer to sell any
security of the Company, nor will there be any sale of 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 related base prospectus.
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance and related risk mitigation
products and services to mortgage lenders nationwide through its
principal operating subsidiary, Radian Guaranty Inc. These services
help promote and preserve homeownership opportunities for
homebuyers, while protecting lenders from default-related losses on
residential first mortgages and facilitating the sale of
low-downpayment mortgages in the secondary market. Additional
information may be found at www.radian.biz.
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