Radian adds lender to revolver, lifts commitments to $267.5 million

By Susanna Moon

Chicago, Oct. 31 – Radian Group Inc. said it exercised the accordion under its unsecured revolving credit facility on Oct. 26 to add Barclays Bank plc as a lender and to increase commitments by $42.5 million for a total of $267.5 million, according to an 8-K filing with the Securities and Exchange Commission.

The other lenders are Goldman Sachs Bank USA, Credit Suisse AG, Cayman Islands Branch, Associated Bank, NA, Northern Trust Co. and Canadian Imperial Bank of Commerce, New York Branch.

All other terms are unchanged. There is no amount outstanding under the credit agreement.

Radian entered into the $225 million three-year unsecured revolving credit facility on Oct. 16, 2017 with RBC Capital Markets and U.S. Bank NA as joint lead arrangers and bookrunners and Royal Bank of Canada as administrative agent.

Proceeds may be used for working capital and general corporate purposes, including capital contributions to Radian’s insurance and reinsurance subsidiaries as well as growth initiatives.

The facility includes an option to increase the capacity up to a total of $300 million.

Philadelphia-based Radian Group provides private mortgage insurance, risk management products and real estate services to financial institutions.

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