Radian to settle conversions, redemptions of 2.25% notes in cash

By Marisa Wong

Morgantown, W.Va., Nov. 18 – Radian Group Inc. intends to settle in cash any conversions of its 2.25% convertible senior notes due 2019 occurring between a redemption notice and the corresponding redemption date, as well as any notes redeemed on that redemption date, according to an 8-K filing with the Securities and Exchange Commission.

The new settlement method applies to any potential future redemptions of the 2.25% convertibles.

The notes are callable if the price of the company’s stock closes at or above 130% of the conversion price –this threshold is currently $13.78 – for at least 20 out of the 30 consecutive trading days before delivery of a redemption notice.

There is $68 million principal amount of the notes outstanding.

Radian is a Philadelphia-based provider of private mortgage insurance, risk management products and real estate services to financial institutions.

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