Radian selling $400 million five-year bullet; investor call Tuesday

By Paul A. Harris

Portland, Ore., May 12 – Radian Group Inc. is in the market with a $400 million public offering of five-year senior bullet notes (existing ratings Ba1/BB+), according to a syndicate source.

The deal was set to be shopped on a late Tuesday morning conference call with investors.

Left lead bookrunner RBC Capital Markets LLC will bill and deliver. Goldman Sachs & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC and U.S. Bancorp Investments Inc. are the joint bookrunners.

CIBC World Markets Corp., Loop Capital Markets LLC and Ramirez & Co. are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points until six months prior to maturity, then become callable at par. They are otherwise non-callable.

Proceeds will be used for general corporate purposes, including future contributions to insurance subsidiaries.

Radian Group is Philadelphia-based provider of mortgage insurance and risk management products to financial institutions.

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