Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Radian Group Inc    RDN

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Radian Group Inc. : Radian Announces Completion of Concurrent Offerings of Common Stock and Convertible Senior Notes

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/04/2013 | 10:05pm CET

Radian Group Inc. (NYSE: RDN) today announced that it has completed its previously announced concurrent public offerings of 39.1 million shares of common stock and $400 million principal amount of convertible senior notes due 2019. The Company received aggregate net proceeds, after underwriting discounts and commissions and estimated offering expenses, of approximately $299.5 million from the Common Stock Offering and $389.8 million from the Convertible Notes Offering. The Company intends to use the proceeds from the offerings to fund working capital requirements and for general corporate purposes, including additional capital support for its mortgage insurance business. Morgan Stanley & Co. LLC and Goldman, Sachs & Co. acted as joint book-running managers for the offerings, Dowling & Partners Securities, LLC, Keefe, Bruyette & Woods, Inc., Macquarie Capital (USA) Inc. and Wells Fargo Securities, LLC acted as co-managers for the Common Stock Offering and Keefe, Bruyette & Woods, Inc. acted as co-manager for the Convertible Notes Offering.

The notes are the Company's unsecured obligations. The notes will pay interest semi-annually on March 1 and September 1 at a rate of 2.25% per year, and will mature on March 1, 2019.

Prior to December 1, 2018, the notes will be convertible only upon specified events and during specified periods and, thereafter, at any time. The notes will initially be convertible at a conversion rate of 94.3396 shares of the Company's common stock per $1,000 principal amount of notes, corresponding to an initial conversion price of approximately $10.60 per share of the Company's common stock. The conversion rate will be subject to adjustment upon certain events, but will not be adjusted for accrued and unpaid interest. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company's option. The Company will have the right to redeem all or part of the notes on or after March 8, 2016 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period.

The shares and notes were issued pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (the "SEC") on Form S-3 and declared effective on August 20, 2012. The offerings were made by means of a prospectus and related prospectus supplements. A copy of the prospectus supplement and the accompanying base prospectus for each of the offerings has been filed with the SEC and is available for free on the SEC's website: http://www.sec.gov. Alternatively, copies may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by calling (866) 718-1649 or by emailing prospectus@morganstanley.com, and from Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, by calling (866) 471-2526 or by emailing prospectus-ny@ny.email.gs.com.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security of the Company, nor will there be any sale of any such security in any jurisdiction in which such offer, sale or solicitation would be unlawful. Each of the offerings may be made only by means of a prospectus supplement and accompanying base prospectus.

About Radian

Radian Group Inc., headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-down payment mortgages in the secondary market.

Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.biz


© Business Wire 2013
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on RADIAN GROUP INC
02/23 RADIAN GROUP INC : Change in Directors or Principal Officers (form 8-K)
02/23 RADIAN GROUP INC : ex-dividend day
02/13 RADIAN GROUP INC : Change in Directors or Principal Officers, Financial Statemen..
02/11 RADIAN : awarded 0.25 Million GBP contract for Provision of out of Hours Telepho..
02/09 RADIAN : Appoints Rick Thornberry Chief Executive Officer
02/08 RADIAN : Declares Regular Quarterly Dividend on Common Stock
02/08 RADIAN : Named One of America’s Top Mortgage Employers for 2017
01/26 RADIAN : Quarterly Biz Slows, But Annual Record
01/26 RADIAN GROUP INC : Results of Operations and Financial Condition, Financial Stat..
01/26 RADIAN : beats 4Q profit forecasts
More news
Sector news : Property & Casualty Insurance - NEC
04:45p Buffett upbeat on American business; Berkshire operating profit down
04:45p APPLE : Berkshire Hathaway gains $1.6 billion from its huge bite of Apple
04:45p Buffett upbeat on American business; Berkshire operating profit down
02:52pDJBuffett's Berkshire Hathaway Reports Rise in Net Earnings--2nd Update
02:33pDJBuffett's Berkshire Hathaway Reports Rise in Net Earnings--Update
More sector news : Property & Casualty Insurance - NEC
News from SeekingAlpha
02/08 Radian Group declares $0.0025 dividend
02/06 The FIG Ideas US Financials Portfolio Had A Good Start To The Year
02/01 Why Wall Street Might Be Wrong About Genworth
01/26 Radian's (RDN) CEO S.A. Ibrahim's on Q4 2016 Results - Earnings Call Transcri..
01/26 Radian Group, Inc. 2016 Q4 - Results - Earnings Call Slides
Advertisement
Financials ($)
Sales 2017 970 M
EBIT 2017 518 M
Net income 2017 387 M
Debt 2017 -
Yield 2017 0,05%
P/E ratio 2017 10,37
P/E ratio 2018 9,28
Capi. / Sales 2017 4,12x
Capi. / Sales 2018 3,93x
Capitalization 3 995 M
More Financials
Chart RADIAN GROUP INC
Duration : Period :
Radian Group Inc Technical Analysis Chart | RDN | US7502361014 | 4-Traders
Full-screen chart
Technical analysis trends RADIAN GROUP INC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 21,3 $
Spread / Average Target 14%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Sanford A. Ibrahim Chief Executive Officer & Director
Herbert Wender Non-Executive Chairman
J. Franklin Hall Chief Financial Officer & Executive Vice President
Richard I. Altman Chief Information Officer & Executive VP
David Charles Carney Independent Non-Employee Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
RADIAN GROUP INC3.73%3 995
BERKSHIRE HATHAWAY INC..4.42%418 419
TRAVELERS COMPANIES IN..-0.05%34 197
TOKIO MARINE HOLDINGS ..5.04%34 040
ALLSTATE CORP8.68%29 543
SAMPO OYJ2.84%25 683
More Results