WAYNE, Pa. - Radian Group Inc . (NYSE: NYSE:RDN), a provider of mortgage and real estate services, has priced a public offering of $625 million in senior unsecured notes with a 6.200% annual interest rate, due May 15, 2029. The offering is scheduled to close on March 4, 2024, with interest payments beginning on November 15, 2024, and occurring semi-annually thereafter.
The company plans to allocate the net proceeds from this offering to redeem its existing 6.625% senior notes due March 2025. The remaining funds, in combination with available cash, are intended for general corporate purposes. These may include the redemption, repurchase, or repayment of a portion of Radian’s 4.500% senior notes maturing in October 2024. It is important to note that this press release is not an official redemption notice or an offer to purchase any securities.
RBC Capital Markets, LLC, Goldman Sachs & Co (NYSE:GS). LLC, and U.S. Bancorp Investments, Inc. are serving as the joint book-running managers for the offering. Co-managers include several other financial institutions. The notes are being offered through a prospectus and related prospectus supplement filed as part of the company's shelf registration statement with the Securities and Exchange Commission (SEC) on February 24, 2023.
Potential investors are advised to review the prospectus supplement, the accompanying prospectus, the registration statement, and other relevant documents filed with the SEC before making any investment decisions. These documents can be accessed for free on the SEC's website or obtained from the managing financial institutions.
The announcement clarifies that the offering is made solely by means of the prospectus supplement and accompanying base prospectus. Furthermore, the press release emphasizes that it is not an offer to sell or a solicitation of an offer to buy any security of Radian Group, nor will there be any sale of securities in jurisdictions where such an offer, sale, or solicitation would be unlawful.
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