International law firm Milbank, Tweed, Hadley & McCloy LLP represented RBC Capital Markets and U.S. Bank, as joint lead arrangers, joint book runners and syndication agents on a $225 million revolving credit facility for Radian Group Inc. Royal Bank of Canada will serve as administrative agent for the credit facility. Lenders involved with the revolving facility include Royal Bank of Canada, U.S. Bank, Goldman Sachs, Credit Suisse, CIBC, Associated Bank and Northern Trust. Radian Group will use the proceeds of the revolving loans and letters of credit to be issued under the credit facility for working capital, general liquidity, general corporate purposes, growth initiatives of Radian Group and its subsidiaries and for other purposes.
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, connects lenders, homebuyers, loan servicers and investors with private mortgage insurance, risk management products and real estate services.
The Milbank Global Leveraged Finance team, led by partner Marcus Dougherty and special counsel Meir S. Hornung included associates Benjamin Sayagh, George Zhang and Benjamin Eisenstein.
The Radian transaction continues Milbank’s representation of lead arrangers and lenders in a diverse spectrum of bank financings for foreign and domestic insurance companies, inclusive of both working capital revolving facilities as well as acquisition financings. Such transactions included credit facilities for (i) Blue Capital Reinsurance (Blue Re), both when Montpelier Reinsurance Limited (Montpelier Re) was an equity owner and after its sale to Endurance, (ii) Global Atlantic Financial Group including a number of refinancings thereof and (iii) Fidelity & Guaranty Life.
