Radian Group Inc. (NYSE: RDN) today announced the early results of an offer to eligible holders to exchange any and all of Radian’s outstanding 5.375% Senior Notes due June 15, 2015 (the “Old Notes”) for a new series of 9.000% Senior Notes due June 15, 2017 (the “New Notes”) and additional cash consideration, in certain circumstances, as described below (the “Exchange Offer”), for purposes of improving its debt maturity profile.
Based on information provided by the exchange agent to Radian, of the $250 million aggregate principal amount of Old Notes that was outstanding as of December 3, 2012, the commencement date of the Exchange Offer, $195,157,000 aggregate principal amount has been validly tendered for exchange as of 5:00 p.m., New York City time, on December 14, 2012 (the “Early Participation Date”).
Pursuant to the terms and subject to the conditions set forth in the Offer to Exchange memorandum, dated December 3, 2012, and the related letter of transmittal (the “Offering Documents”), Eligible Holders who tendered their Old Notes on or prior to the Early Participation Date will receive a total exchange consideration consisting of (i) an equal principal amount of New Notes for each $1,000 principal amount of outstanding Old Notes tendered and accepted, (ii) an early participation payment of $25.00 in cash for each $1,000 principal amount of Old Notes (the “Early Participation Payment”) tendered, and (iii) a cash payment representing accrued and unpaid interest for such Old Notes from December 15, 2012, the most recent payment date for interest on the Old Notes, to, but not including, the settlement date, which is expected to be on January 4, 2013 (the third business day after the Expiration Date). The Old Notes validly tendered before or after 5:00 pm New York City time, on December 14, 2012 may not be withdrawn unless such date (or in certain circumstances the Expiration Date) is extended or unless required by law.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV