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
01/17 RADIAN : to Webcast Fourth Quarter Conference Call on January 26, 2017
01/12 RADIAN : and LendingQB Expand Partnership to Offer Mortgage Insurance, Appraisal..
2016 RADIAN : Clayton Holdings President Jeff Tennyson Named One Of The 2016 HW Vangu..
2016 RADIAN : Announces Redemption of its 2.25% Convertible Senior Notes due 2019
2016 RADIAN : CEO to Present at the Goldman Sachs Financial Services Conference
2016 RADIAN : CEO to Present at the Goldman Sachs Financial Services Conference
2016 RADIAN : Named Best Mortgage Company for Professional Women
2016 RADIAN GROUP INC : Other Events, Financial Statements and Exhibits (form 8-K)
2016 RADIAN : Announces Redemption of its 2.25% Convertible Senior Notes due 2019
2016 RADIAN : CFO to Present at the Bank of America Merrill Lynch Leveraged Finance C..
More news
Sector news : Property & Casualty Insurance - NEC
08:48aDJBERKSHIRE HATHAWAY : Unit to Buy Pipe Maker -- WSJ
01/23DJBERKSHIRE HATHAWAY : Unit Buys German Pipe Component Maker
01/23 Generali shares up 5 percent on report of Intesa, Allianz interest
01/20DJBERKSHIRE HATHAWAY : AIG, Berkshire Hathaway Strike Reinsurance Pact -- 2nd Upda..
01/20 European shares ease ahead of Trump inauguration
More sector news : Property & Casualty Insurance - NEC
News from SeekingAlpha
09:23a Barclays has 16 small- and mid-cap picks for the new administration
01/20 Make PMI great again? HUD rescinds fee cut
01/19 MGIC Investment bull enthused by Q4 results
01/18 Mortgage insurers cheer report of coming reversal of FHA premium cut
01/12 Carson doesn't promise rollback of FHA fee cut
Advertisement
Financials ($)
Sales 2016 926 M
EBIT 2016 445 M
Net income 2016 338 M
Debt 2016 -
Yield 2016 0,06%
P/E ratio 2016 12,05
P/E ratio 2017 10,14
Capi. / Sales 2016 4,20x
Capi. / Sales 2017 3,85x
Capitalization 3 890 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 20,3 $
Spread / Average Target 12%
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 INC0.89%3 890
BERKSHIRE HATHAWAY INC..-2.47%390 494
TRAVELERS COMPANIES IN..-3.58%33 530
TOKIO MARINE HOLDINGS ..-1.29%31 703
ALLSTATE CORP0.04%27 306
SAMPO OYJ-1.10%25 026
More Results