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S&P assigns BB+ to Radian notes
S&P said it assigned its BB+ senior debt rating to Radian Group Inc.'s (BB+/stable/--) $450 million 4 7/8% senior unsecured notes due 2027.
The company intends to use the net proceeds from this debt issuance and cash on hand to repay its 5¼% senior notes due 2020 and its 7% senior notes due 2021 through a tender offer. The remaining proceeds (if any) would be used for general corporate purposes.
“Earlier this month, Radian used its cash on hand to repay the $158.6 million senior notes due June 2019. Therefore, accounting for the recent debt repayment and the proposed issuance, we expect the group's pro forma financial leverage to be about 20% in 2019, improving toward 16% by 2021, while maintaining fixed-charge coverage of greater than 7x,” S&P said in a news release.
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