<SEC-DOCUMENT>0001193125-20-140618.txt : 20200512
<SEC-HEADER>0001193125-20-140618.hdr.sgml : 20200512
<ACCEPTANCE-DATETIME>20200512172802
ACCESSION NUMBER:		0001193125-20-140618
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200512
DATE AS OF CHANGE:		20200512

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIAN GROUP INC
		CENTRAL INDEX KEY:			0000890926
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				232691170
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236785
		FILM NUMBER:		20870235

	BUSINESS ADDRESS:	
		STREET 1:		1500 MARKET STREET
		STREET 2:		19TH FLOOR, WEST TOWER
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19102
		BUSINESS PHONE:		2155646600

	MAIL ADDRESS:	
		STREET 1:		1500 MARKET ST
		STREET 2:		19TH FLOOR, WEST TOWER
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CMAC INVESTMENT CORP
		DATE OF NAME CHANGE:	19960126

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIAN GROUP INC
		CENTRAL INDEX KEY:			0000890926
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				232691170
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1500 MARKET STREET
		STREET 2:		19TH FLOOR, WEST TOWER
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19102
		BUSINESS PHONE:		2155646600

	MAIL ADDRESS:	
		STREET 1:		1500 MARKET ST
		STREET 2:		19TH FLOOR, WEST TOWER
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CMAC INVESTMENT CORP
		DATE OF NAME CHANGE:	19960126
</SEC-HEADER>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pricing Term Sheet</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Dated May 12,
2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement No.&nbsp;333-236785</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Supplementing the Preliminary</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Prospectus Supplement dated May 12, 2020</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>(To Prospectus dated February&nbsp;28, 2020)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Radian Group Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>6.625% Senior Notes due 2025 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Radian Group Inc. (&#147;<B>Radian</B>&#148;)</TD></TR>
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<TD VALIGN="top">Securities:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">6.625% Senior Notes due 2025 (the &#147;<B>Notes</B>&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top">Anticipated Ratings*:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ba1 (Moody&#146;s) / BB+ (S&amp;P) / <FONT STYLE="white-space:nowrap">BBB-</FONT> (Fitch)</TD></TR>
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<TD VALIGN="top">Aggregate principal amount offered:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$525,000,000</TD></TR>
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<TD VALIGN="top">Price to Public:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100.0% of principal amount plus accrued interest, if any, from May 15, 2020</TD></TR>
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<TD VALIGN="top">Proceeds to Issuer Before Expenses:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$517,125,000</TD></TR>
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<TD VALIGN="top">Expenses:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$1,510,000</TD></TR>
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<TD VALIGN="top">Maturity date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March 15, 2025</TD></TR>
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<TD VALIGN="top">Trade date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May 12, 2020</TD></TR>
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<TD VALIGN="top">Settlement date**:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May 15, 2020 (T +3)</TD></TR>
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<TD VALIGN="top">Coupon:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">6.625%</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Interest payment dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Semi-annually on March&nbsp;15 and September&nbsp;15 of each year, beginning on September&nbsp;15, 2020.</TD></TR>
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<TD VALIGN="top">Interest record dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;1 and September&nbsp;1</TD></TR>
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<TD VALIGN="top">Benchmark Treasury:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">UST 2.625% due March&nbsp;31, 2025</TD></TR>
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<TD VALIGN="top">Benchmark Treasury Price:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">111.00</TD></TR>
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<TD VALIGN="top">Benchmark Treasury Yield:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.351%</TD></TR>
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<TD VALIGN="top">Spread to Benchmark Treasury:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">T + 627 bps</TD></TR>
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<TD VALIGN="top">Yield to Maturity:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">6.625%</TD></TR>
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<TD VALIGN="top">Ranking:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Unsecured</TD></TR>
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<TD VALIGN="top">Redemption:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At any time, or from time to time, prior to September&nbsp;15, 2024 (the &#147;<B>Par Call Date</B>&#148;), Radian may, at its option, redeem
the Notes in whole or in part at a redemption price equal to the greater of (i)&nbsp;100% of the aggregate principal amount of the Notes to be redeemed and (ii)&nbsp;the make-whole amount, which is the sum of the present values of the remaining
scheduled payments of principal and interest in respect of the Notes to be redeemed from the redemption date to the Par Call Date discounted to the redemption date at the Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid
interest thereon to, but excluding, the redemption date.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">At any time on or after the
Par Call Date, Radian may, at its option, redeem the Notes in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the
redemption date.</P></TD></TR>
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<TD VALIGN="top">CUSIP:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">750236 AX9</TD></TR>
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<TD VALIGN="top">ISIN:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">US750236AX98</TD></TR>
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<TD VALIGN="top">Joint Book-running Managers:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC Capital Markets, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman
Sachs&nbsp;&amp; Co. LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Capital Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit Suisse
Securities (USA) LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">U.S. Bancorp Investments, Inc.</P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Samuel A. Ramirez&nbsp;&amp; Company, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CIBC
World Markets Corp.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Loop Capital Markets LLC</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>**It is expected that delivery of the Notes will be made against payment therefor on or about May 15, 2020, which is the third business day following the
date hereof (such settlement cycle being referred to as &#145;&#145;T+3&#146;&#146;). Pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;15c6-1&nbsp;under</FONT> the Securities Exchange Act of 1934, as amended, trades in the secondary market
generally are required to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to their date of delivery may be required, by virtue of the fact that the
Notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the Notes who wish to trade such Notes prior to their date of delivery should consult their own
advisors. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Radian has filed a registration statement (including the preliminary prospectus supplement, dated May 12, 2020, and an accompanying
prospectus, dated February&nbsp;28, 2020) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement, and the accompanying
prospectus in the registration statement and the other documents Radian has filed with the SEC for more complete information about Radian and the Notes offering. You may get these documents for free by visiting EDGAR on the SEC website at
http://www.sec.gov. Alternatively, copies may be obtained from RBC Capital Markets, LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Leveraged Capital Markets, or by telephone at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-877-280-1299,</FONT></FONT></FONT> or from Goldman Sachs&nbsp;&amp; Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282,
by telephone at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-471-2526</FONT></FONT></FONT> or facsimile at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-902-9316,</FONT></FONT> or by emailing prospectusny@ny.email.gs.com. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ANY
DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR
ANOTHER EMAIL SYSTEM. </B></P>
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