By Paul A. Harris
Portland, Ore., March 15 – Radian Group Inc. priced an upsized $350 million issue of non-callable five-year senior notes (Ba3/BB-) at par to yield 7% on Tuesday, according to a market source.
The issue size was increased from $325 million.
The yield printed at the tight end of yield talk in the 7 1/8% area.
Deutsche Bank Securities Inc., BofA Merrill Lynch, Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the joint bookrunners for the public offering.
The Philadelphia-based provider of private mortgage insurance, risk management products and real estate services to financial institutions plans to use the proceeds, together with shares of its common stock, to purchase its 2019 convertible notes and for general corporate purposes, which may include repurchases of common stock and 2017 convertible notes.
| Issuer: | Radian Group Inc.
|
| Amount: | $350 million, increased from $325 million
|
| Maturity: | March 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., BofA Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Call protection: | Non-callable
|
| Trade date: | March 15
|
| Settlement date: | March 18
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 7 1/8% area
|
| Marketing: | Roadshow
|
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