Radian to price $400 million seven-year bullet in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Sept. 12 – Radian Group Inc. plans to price a $400 million offering of seven-year senior bullet notes (Ba3/BB+) in a quick-to-market Tuesday trade following a late-morning conference call with investors, according to a syndicate source.

Joint bookrunner RBC Capital Markets LLC will bill and deliver for the public offering. Goldman Sachs & Co. is also a joint bookrunner. Credit Suisse Securities (USA) LLC and U.S. Bancorp Investments Inc. are joint lead managers.

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

The Philadelphia-based provider of mortgage insurance, as well as products and services to the real estate and mortgage finance industries, plans to use the proceeds, along with available cash, to fund a concurrent capped tender offer for its 5½% senior notes due 2019, its 5¼% senior notes due 2020 and its 7% senior notes due 2021.

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