By Paul A. Harris
Portland, Ore., Sept. 12 – Radian Group Inc. priced an upsized $450 million issue of seven-year senior bullet notes (Ba3/BB+) at par to yield 4½% on Tuesday, according to a syndicate source.
The issue size was increased from $400 million.
The yield printed at the tight end of yield talk in the 4 5/8% area.
Joint bookrunner RBC Capital Markets LLC will bill and deliver. Goldman Sachs & Co. was also a joint bookrunner. Credit Suisse Securities (USA) LLC and U.S. Bancorp Investments Inc. were joint lead managers.
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.
| Issuer: | Radian Group Inc.
|
| Amount: | $450 million, increased from $400 million
|
| Maturity: | Oct. 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | RBC Capital Markets LLC (bill and deliver), Goldman Sachs & Co.
|
| Joint lead managers: | Credit Suisse Securities (USA) LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 249.3 bps
|
| Call protection: | Make-whole call until three months prior to maturity, then callable at par, otherwise non-callable
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 26
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 4 5/8% area
|
| Marketing: | Quick to market
|
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