Firm Advises Underwriters in Radian Group’s Concurrent Common Stock and Convertible Notes Offerings with Gross Proceeds of $712 Million

March 6, 2013

Firm represents underwriters, led by joint bookrunning managers Morgan Stanley and Goldman Sachs, in the transaction.

On March 4, Radian Group Inc. announced that it has completed its concurrent public offerings of 39.1 million shares of Common Stock and $400 million principal amount of Convertible Senior Notes due 2019. Willkie represented the underwriters, led by joint bookrunning managers Morgan Stanley & Co. LLC and Goldman, Sachs & Co., with co-managers, Dowling & Partners Securities, LLC, Keefe, Bruyette & Woods, Inc., Macquarie Capital (USA) Inc. and Wells Fargo Securities, LLC, with respect to the Common Stock offering, and Keefe, Bruyette & Woods, Inc., with respect to the Convertible Notes offering.

In December 2012 the firm also advised Morgan Stanley & Co. LLC as the dealer manager in Radian Group’s offer to exchange any and all of its 5.375% Senior Notes due 2015 for its new 9.000% Senior Notes due 2017, accompanied, in the case of Notes exchanged prior to the early participation deadline, by a cash payment. Approximately $200 million, or 80%, of the Notes were tendered and accepted for exchange.

Radian Group Inc., headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-down payment mortgages in the secondary market.

The transactions were handled by partners Alexander Dye and Vladimir Nicenko and associate Benjamin Nixon. Partner Christopher Peters and associate Tyler Ladner provided tax advice, and of counsel Martin Miller provided advice on FINRA matters. Associate Andrew Endicott worked on the offerings and associate Andrew Lloyd worked on the exchange offer.