Moody’s rates Radian Group debt Ba3

Moody's Investors Service said it assigned a Ba3 rating to Radian Group Inc.'s planned $325 million senior unsecured debt issuance due in 2021.

The action follows Radian Group's March 14 announcement that it plans to offer $325 million senior notes due in 2021. The company intends to use the net proceeds from the issuance, together with shares of its common stock, to purchase convertible notes maturing in 2019 and for other general corporate purposes, which may include repurchases of its common stock and of 2017 convertible notes.

Moody's said it believes that Radian Group's expected debt offering, and the related purchase of some of its 2019 convertible notes, substantially complete the group's planned extension and layering of its debt maturity profile.

The agency further said that the anticipated new debt maturity profile will be better aligned with the expected dividend capacity from its operating subsidiaries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.