Monday, credit-related insurance coverage and financial services provider Radian Group, Inc. (RDN) said that it successfully completed the tender offer purchase of Market Street Custodial Trust II and Market Street Custodial Trust III.
Radian has purchased all the money market committed preferred securities issued by Market Street Custodial Trust II and Market Street Custodial Trust III for an aggregate amount of $32.90 million and $44.00 million respectively, at a purchase price of $35,000 for each security. Payment for tendered securities is expected to be made on or before January 5, 2010.
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. A closing condition to a successful tender for each series of securities was the tender of a majority of the securities of such series.
Radian, however, has advised Global Bondholder Services to return tendered securities issued by Market Street Custodial Trust I to its respective holders, as only about 45% of the outstanding securities were tendered before the expiry time.
RDN is currently trading at $8.04, up $0.73 or 9.99%, on a volume of 1.72 million shares on the NYSE.
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