By Paul A. Harris
Portland, Ore., May 7 - Radian Group Inc. priced an upsized $300 million issue of non-callable five-year senior (B3/B-/) at par to yield 5½% on Wednesday, according to a market source.
The deal was upsized from $200 million.
The yield printed at the tight end of the 5½% to 5¾% yield talk.
Goldman Sachs & Co. ran the books.
The Philadelphia-based mortgage insurance company plans to use the proceeds to fund the acquisition of Clayton Holdings and to fund the early redemption of Radian's 5 3/8% senior notes due June 2015.
| Issuer: | Radian Group Inc.
|
| Amount: | $300 million, increased from $200 million
|
| Maturity: | June 1, 2019
|
| Securities: | Senior notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 385 bps
|
| Call protection: | Non-callable
|
| Trade date: | May 7
|
| Settlement date: | May 13
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | SEC registered
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Roadshow
|
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