Radian Announces Concurrent Offerings of Common Stock and Senior Notes
06 Mai 2014 - 11:01PM
Business Wire
Radian Group Inc. (NYSE: RDN) announced today that it has
commenced separate underwritten public offerings of (1) 15,500,000
shares of its common stock (the “Common Stock Offering”) and (2)
$200 million aggregate principal amount of its senior unsecured
notes due 2019 (the “Notes Offering” and, collectively with the
Common Stock Offering, the “Offerings”). Goldman, Sachs & Co.
is acting as book-running manager for the Offerings. The
underwriters will have the option to purchase up to an additional
2,325,000 shares of common stock within 30 days of the pricing of
the Common Stock Offering. The public offering price of Radian
Group’s common stock and the interest rate and other terms of the
senior notes will be determined, based on market conditions, at the
time of the pricing of the Offerings. The Offerings are subject to
market conditions, and there can be no assurance as to whether the
Offerings will be completed or as to the actual size or terms of
the Offerings.
The Company intends to use the net proceeds from the Offerings
to fund the purchase price and related expenses of its pending
acquisition of Clayton Holdings LLC, to fund the early redemption
of Radian Group’s 5.375% Senior Notes due June 2015 and for working
capital.
Neither the Common Stock Offering nor the Notes Offering will be
contingent on the completion of the other offering or on the
completion of the Clayton acquisition.
The Offerings are being conducted as separate public offerings
pursuant to an effective registration statement (including a base
prospectus) under the Securities Act of 1933, as amended. Before
making an investment, potential investors should first read the
prospectus supplement and accompanying prospectus, the registration
statement and the other documents that Radian Group filed or will
file with the Securities and Exchange Commission in connection with
the applicable Offering. A copy of the preliminary prospectus
supplement and the accompanying prospectus for each of the Common
Stock Offering and the Notes Offering has been filed with the SEC
and is available for free on the SEC’s website, www.sec.gov.
Alternatively, copies may be obtained from Goldman, Sachs &
Co., Attn: Prospectus Department, 200 West Street, New York, NY
10282, by calling (866) 471-2526 or by emailing
prospectus-ny@ny.email.gs.com.
This press release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy any security of the Company, nor will there be any sale of any
such security in any jurisdiction in which such offer, sale or
solicitation would be unlawful. Each of the Offerings may be made
only by means of a prospectus supplement and accompanying 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.
Radian Group Inc.Emily Riley,
215-231-1035emily.riley@radian.biz
Radian (NYSE:RDN)
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