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


Monday, 25 Feb 2013 04:21pm EST 

Radian Group Inc announced that it has commenced two separate underwritten public offerings of up to 30 million shares of its common stock (the Common Stock Offerin) and $200 million aggregate principal amount of its convertible senior notes due 2019. The convertible senior notes will be convertible into shares of the Company`s common stock, cash or a combination of shares of common stock and cash, at the Company`s election. Morgan Stanley & Co. LLC and Goldman, Sachs & Co. will act as joint book-running managers for the Offerings. The underwriters will have the option to purchase up to an additional 4.5 million shares of common stock and an option to purchase up to an additional $30 million aggregate principal amount of the convertible senior notes, within 30 days. The public offering price of the Company`s common stock and the interest rate, conversion rate, and other terms of the convertible senior notes will be determined, based on market conditions, at the time of the pricing of the Offerings. The Company intends to use the net proceeds from the Offerings to fund working capital requirements and for general corporate purposes, including additional capital support for our mortgage insurance business 

Company Quote

13.77
-0.78 -5.36%
11 Jul 2014