Radian Group Inc. (RDN) announced that it has successfully completed its tender offers to purchase up to all of the money market committed preferred securities issued by Market Street Custodial Trust II and Market Street Custodial Trust III.
The offer for the securities of Market Street Custodial Trust II and Market Street Custodial Trust III expired on December 30, 2009. Global Bondholder Services Corporation, the depositary for the offers, advised Radian that 65.8% and 88% of the outstanding securities of Market Street Custodial Trust II and Market Street Custodial Trust III, respectively, were validly tendered in the offer. Payment for tendered securities is expected to be made on or before January 5, 2010.
In addition, Radian announced that the offer to purchase the money market committed preferred securities issued by Market Street Custodial Trust I expired on December 30, 2009. Approximately 45% of the outstanding securities of Market Street Custodial Trust I were tendered before the expiration time.
Therefore, the condition that a majority of those securities be tendered was not satisfied. Radian has instructed Global Bondholder Services Corporation to promptly return the previously tendered securities of Market Street Custodial Trust I to their respective holders.
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