PHILADELPHIA, June 1 /PRNewswire-FirstCall/ -- Radian Group Inc. today announced that it plans to issue $250 million of 30-year unsecured unsubordinated debt securities. The debt securities will consist of fixed rate notes. Radian intends to use approximately $219.3 million of the net proceeds of the offering to redeem, by the end of the third quarter, all of its outstanding 2.25% Senior Convertible Debentures due 2022, with the balance of the net proceeds to be used for general corporate purposes.
Banc of America Securities LLC and Bear, Stearns & Co. Inc. are the joint book-running managers of the offering. A written prospectus relating to the offering may be obtained by contacting the Banc of America Securities prospectus department at 100 West 33rd Street, New York, NY 10001, or the Bear, Stearns prospectus department at 383 Madison Avenue, New York, NY 10179.
This press release is neither an offer to sell, nor the solicitation of an offer to buy, any of the debt securities or any other security. Any offer, if at all, will be made by means of a prospectus supplement, forming a part of the effective registration statement. The debt securities will be offered under Radian's shelf registration statement, which the SEC has declared effective.
Radian Group Inc. is a leading credit enhancement provider to the global financial and capital markets, headquartered in Philadelphia. Radian's subsidiaries provide products and services through three business lines: financial guaranty, mortgage insurance and other financial services. Additional information may be found at http://www.radian.biz/.
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