Radian Group said late Monday it will offer up to $550 million of common stock, and that underwriters will have the option to purchase up to an additional 15%, or $82.5 million, to cover overallotments. Net proceeds from the offering may be used for additional capital support for its mortgage insurance business and repurchases of, or payments on, its outstanding debt securities, Radian said.
The stock offering announcement came as Radian Group reported a first-quarter loss of $3.77 a share, which grew from a year-ago loss of $2.69 a share. Mortgage insurance provision for losses rose 64%, the company said.
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