|[February 27, 2013]
Radian Announces Underwriters' Exercise of Options to Purchase Additional Securities for Concurrent Offerings of Common Stock and Convertible Senior Notes
PHILADELPHIA --(Business Wire)--
Radian (News - Alert) Group Inc. (NYSE: RDN) today announced that the underwriters of
its previously announced concurrent public offerings of common stock and
convertible senior notes due 2019 have exercised in full their options
to purchase an additional 5.1 million shares of common stock and an
additional $50 million principal amount of notes from the Company at the
public offering price, less underwriting discounts and commissions. As a
result, the Company expects to issue a total of 39.1 million shares and
$400 million principal amount of notes and to receive 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 senior notes offering.
The offerings are expected to close on March 4, 2013, subject to
customary closing conditions.
Morgan Stanley & Co. LLC and Goldman, Sachs & Co. have acted as joint
book-running managers for the offerings, Dowling & Partners Securities,
LLC, Keefe, Bruyette & Woods, Inc., Macquarie Capital (USA) Inc. and
Wells Fargo (News - Alert) Securities, LLC have acted as co-managers for the common
stock ofering and Keefe, Bruyette & Woods, Inc. has acted as co-manager
for the convertible notes offering.
The shares and notes will be issued pursuant to an effective shelf
registration statement that was previously filed with the Securities and
Exchange Commission (the "SEC (News - Alert)") on Form S-3 and declared effective on
August 20, 2012. The offerings are being 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 email@example.com,
and from Goldman, Sachs & Co., Attn: Prospectus Department, 200 West
Street, New York, NY 10282, by calling (866) 471-2526 or by emailing firstname.lastname@example.org.
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.
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
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