Radian Plans $250 Million Offering

Radian Group, a Philadelphia-based mortgage insurer, plans to issue $250 million of 30-year unsecured unsubordinated debt securities, the company said.The debt securities will consist of fixed rate notes, Radian said. The company intends to use approximately $219.3 million of the net proceeds of the offering to redeem, by the end of the third quarter, all of its outstanding 2.25% senior convertible debentures due 2022, with the balance of the net proceeds to be used for general corporate purposes. Banc of America Securities and Bear, Stearns & Co. are the joint book-running managers of the offering.