Radian Group Inc., Philadelphia, is selling up to $350 million of convertible senior notes, using the net proceeds for working capital, including cash that will go into its mortgage insurance business.
Processing Content
Prior to Aug. 15, 2017, the notes are convertible only upon specified events and periods. After that date, holders can convert the notes at any time.
Radian plans to pay cash up to the principal amount, with the remainder of the conversion obligation, if any, to be settled by shares of its stock. It is retaining the option to settle the remainder in all cash or a combination of cash and stock.
The notes are being offered based on a shelf registration declared effective by the Securities and Exchange Commission on July 29, 2009.
