Followers | 241 |
Posts | 12151 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Wednesday, February 27, 2013 8:06:49 AM
Radian Group Inc. (NYSE: RDN) announced today that it has increased the size of and priced its concurrent underwritten public offerings of 34 million shares of its common stock (the “Common Stock Offering”) at a public offering price of $8.00 per share and $350 million aggregate principal amount of its convertible senior notes due 2019 (the “Convertible Notes Offering” and, collectively with the Common Stock Offering, the “Offerings”). Morgan Stanley & Co. LLC and Goldman, Sachs & Co. have acted as joint book-running managers for the Offerings, Dowling & Partners Securities, LLC, Keefe, Bruyette & Woods, Inc., Macquarie Capital (USA) Inc. and Wells Fargo Securities, LLC have acted as co-managers for the Common Stock Offering and Keefe, Bruyette & Woods, Inc. has acted as co-manager for the Convertible Notes Offering. In connection with the Offerings, the underwriters have the option to purchase an additional 5.1 million shares of common stock and an additional $50 million principal amount of notes from the Company at the public offering price, less underwriting discounts and commissions, within 30 days. The Offerings are expected to close on March 4, 2013, subject to customary closing conditions.
The notes will be the Company’s unsecured senior obligations. The notes will pay interest semi-annually on March 1 and September 1 at a rate of 2.25% per year, and will mature on March 1, 2019.
Prior to December 1, 2018, the notes will be convertible only upon specified events and during specified periods and, thereafter, at any time. The notes will initially be convertible at a conversion rate of 94.3396 shares of the Company’s common stock per $1,000 principal amount of notes, corresponding to an initial conversion price of approximately $10.60 per share of the Company’s common stock. The conversion rate will be subject to adjustment upon certain events, but will not be adjusted for accrued and unpaid interest. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s option. The Company will have the right to redeem all or part of the notes on or after March 8, 2016 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period.
The Company intends to use the net proceeds from the Offerings to fund working capital requirements and for general corporate purposes, including additional capital support for its mortgage insurance business.
The shares and the notes will be issued pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (the “SEC”) on Form S-3 and declared effective on August 20, 2012. The Offerings are being made by means of a prospectus and related prospectus supplements. A copy of the prospectus supplement and the accompanying base prospectus for each of the Common Stock Offering and the Convertible Notes Offering has been filed with the SEC and is available for free on the SEC’s website: http://www.sec.gov. Alternatively, copies may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by calling (866) 718-1649 or by emailing prospectus@morganstanley.com, and 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., 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-down payment mortgages in the secondary market.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent RDN News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/13/2024 08:31:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/13/2024 12:45:07 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/06/2024 08:50:56 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/05/2024 07:34:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/29/2024 08:32:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 11:34:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 11:27:05 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/28/2024 04:02:05 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/27/2024 08:24:19 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/27/2024 02:53:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/26/2024 08:26:20 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/23/2024 06:00:31 PM
- Radian Comments on Updates to PMIERs • Business Wire • 08/21/2024 10:52:00 PM
- Radian Declares Regular Quarterly Dividend • Business Wire • 08/14/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 08:11:02 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/08/2024 08:14:36 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/02/2024 08:18:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 12:00:54 PM
- Radian Announces Second Quarter 2024 Financial Results • Business Wire • 07/31/2024 08:40:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/31/2024 08:31:32 PM
- Radian Mortgage Capital Closes its Inaugural Secondary Market Securitization • Business Wire • 07/31/2024 08:20:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/30/2024 08:16:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/25/2024 02:46:43 PM
- Form SC 13G - Statement of Beneficial Ownership by Certain Investors • Edgar (US Regulatory) • 07/25/2024 02:02:38 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/24/2024 08:34:19 PM
North Bay Resources Announces Assays up to 5 oz/ton Gold, 1.5 oz/ton Platinum, 0.5 oz/ton Palladium, and 0.5 oz/ton Rhodium at Mt. Vernon Gold Mine, Sierra County, California • NBRI • Oct 4, 2024 9:15 AM
Basanite, Inc. Appoints Ali Manav as Interim Chief Executive Officer • BASA • Oct 3, 2024 9:15 AM
Integrated Ventures Announces Launch of MedWell Facilities, LLC and Lease Agreement with Giant Fitness Clubs • INTV • Oct 3, 2024 8:45 AM
Beyond the Horizon: Innovative Drug Combinations Offer New Hope for Alzheimer's and More • NVS • Oct 3, 2024 8:45 AM
SMX and FinGo Enter Into Collaboration Mandate to Develop a Joint 'Physical to Digital' Platform Service To Enhance Natural Rubber Industry's Ability to Report on Sustainable and Ethical Supply Chains • SMX • Oct 3, 2024 7:00 AM
Transforming Alzheimer's Treatment: Innovative Combinations to Boost Cognition • PFE • Oct 2, 2024 9:00 AM