Radian Announces Final Results of Tender Offer for 5.625% Senior Notes Due 2013
PHILADELPHIA--(BUSINESS WIRE)--Mar. 22, 2012--
Radian Group Inc. (NYSE: RDN) today announced the expiration of its
previously announced “Modified Dutch Auction” tender offer (the “Tender
Offer”) for a portion of its outstanding 5.625% Senior Notes Due 2013
(the “Notes”). The Tender Offer was made pursuant to Radian’s Offer to
Purchase dated February 23, 2012, as amended and supplemented by the
Supplement to the Offer to Purchase dated March 2, 2012, and the
accompanying Amended Letter of Transmittal (together, the “Offer
Documents”). Subsequently, on March 8, 2012, the size of the Tender
Offer was increased to $150 million and the Early Participation Time, as
defined in the Offer Documents, was extended to 11:59 p.m., New York
City time, on March 21, 2012. Capitalized terms used in this press
release that are not otherwise defined have the meanings ascribed to
them in the Offer Documents.
According to information provided by Global Bondholder Services
Corporation, the Depositary and Information Agent for the Tender Offer,
$146,481,000 aggregate principal amount of Notes were validly tendered
(and not properly withdrawn) at or prior to the Expiration Time. All
Notes validly tendered (and not properly withdrawn) have been accepted
for purchase. The principal amount of Notes being accepted for purchase
represents 59% of the principal amount of Notes outstanding.
The “Notes Purchase Price” for each $1,000 principal amount of Notes
purchased will be $900. In addition, Radian will pay accrued and unpaid
interest on the Notes accepted for purchase, up to, but excluding the
Settlement Date for the Tender Offer, which is expected to be today.
Goldman, Sachs & Co. served as Dealer Manager in connection with the
Tender Offer. Global Bondholder Services Corporation served as
Depositary and Information Agent in connection with the Tender Offer.
This press release is for informational purposes only and does not
constitute an offer to purchase, the solicitation of an offer to
purchase or a solicitation of tenders. The information in this press
release is subject in all respects to the terms and conditions set forth
in the Offer Documents. The Tender Offer is not being made in any
jurisdiction in which the making or acceptance thereof would not be in
compliance with the securities, blue sky or other laws of such
jurisdiction. The Tender Offer is being made solely pursuant to the
Offer Documents, which more fully set forth and govern the terms and
conditions of the Tender Offer. The Offer Documents contain important
information and should be read carefully before any decision is made
with respect to the Tender Offer.
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.com.
Forward-looking Statements
Some of the statements in this press release may constitute
“forward-looking statements” within the meaning of the United States
Private Securities Litigation Reform Act of 1995. These statements are
based on our current expectations, estimates and projections. Words such
as "will," "expects," "believes" and similar expressions are used to
identify these forward-looking statements. These statements are only
predictions and as such are not guarantees of future performance and
involve risks, uncertainties and assumptions that are difficult to
predict. Forward-looking statements are based upon assumptions as to
future events or our future financial performance that may not prove to
be accurate. Actual outcomes and results may differ materially from what
is expressed or forecast in these forward-looking statements. As a
result, these statements speak only as of the date they were made, and
we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. For more information regarding these risks
and uncertainties as well as certain additional risks that we face, you
should refer to the Risk Factors detailed in Item 1A of Part I of our
Annual Report on Form 10-K for the year ended December 31, 2011 and
subsequent reports and registration statements filed from time to time
with the Securities and Exchange Commission.
Source: Radian Group Inc.
Radian Group Inc.
Emily Riley, 215.231.1035
emily.riley@radian.com
