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TMCNet:  Radian Prices Offering of Common Stock; Increases Size and Prices Concurrent Offering of Senior Notes

[May 07, 2014]

Radian Prices Offering of Common Stock; Increases Size and Prices Concurrent Offering of Senior Notes

PHILADELPHIA --(Business Wire)--

Radian (News - Alert) Group Inc. (NYSE: RDN) announced today that it has priced its previously announced public offering of 15,500,000 shares of its common stock (the "Common Stock Offering") at $14.50 per share, and has priced its concurrent public offering of senior unsecured notes due 2019 and increased the size of that offering from $200 million aggregate principal amount to $300 million aggregate principal amount (the "Notes Offering" and, collectively with the Common Stock Offering, the "Offerings"). Goldman, Sachs & Co. is acting as book-running manager for the Offerings, and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc., and Macquarie Capital (USA) Inc. are acting as co-managers in the Common Stock Offering. In connection with the Common Stock Offering, the underwriters have a thirty-day option to purchase up to an additional 2,325,000 shares of common stock. The Offerings are expected to close on May 13, 2014, subject to customary closing conditions.

The notes will be unsecured senior obligations of Radian Group Inc. The notes will pay interest semi-annually on June 1 and December 1 at a rate of 5.50% per year, and will mature on June 1, 2019.

The Company intends to use the net proceeds from the Offerings to fund the purchase price and reated 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 (News - Alert) 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., 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.


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