Radian Completes Purchases Of Convertible Notes - Quick Facts

(RTTNews) - Radian Group Inc. (RDN) announced it has completed previously announced public offering of $350 million principal amount of 7.000% Senior Notes due 2021. Radian also announced that it entered into privately negotiated agreements with certain of the holders of its convertible notes. Under the agreements, Radian is purchasing for a combination of cash and/or shares of Radian common stock: an aggregate of $288 million principal amount of its 2.25% Convertible Senior Notes due 2019; and an aggregate of $30 million principal amount of its 3.00% Convertible Senior Notes due 2017.

Radian said, following the purchases, $102 million principal amount of the 2019 Convertible Notes and $22 million principal amount of the 2017 Convertible Notes will remain outstanding.

The company expects the purchases of the convertible notes to result in an estimated pre-tax charge to GAAP earnings of approximately $56 million in the first quarter of 2016.