Radian Group Inc. (RDN) said that it has commenced three separate tender offers to purchase securities issued by each of the three custodial trusts related to the contingent capital program of Radian Asset Assurance Inc., Radian's principal financial guaranty subsidiary.
The target securities with a face amount of $100,000 per security were issued by the three separate trusts with an aggregate face amount of $50 million issued by each trust, or an aggregate face amount of $150 million issued by all three trusts.
The offer is expected to expire on December 16, unless extended by Radian.
Under the offer, Radian or a designated subsidiary of Radian will purchase securities for the tender price of $17,000 per security and will pay an early tender premium of $8,000 (for a total consideration of $25,000) per security.
For comments and feedback: editorial@rttnews.com