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Certain Radnor Re Entities - Tender Offer - Results

Certain Radnor Re Entities Announce Results of Tender Offers for Certain Outstanding Series 2019-1 and 2020-1 Mortgage Insurance-Linked Notes


22 MAY 2023


Full announcement available via PRN


"HAMILTON, Bermuda, May 22, 2023 /PRNewswire/ -- Radnor Re 2019-1 Ltd. ("RMIR 2019-1") and Radnor Re 2020-1 Ltd. ("RMIR 2020-1" and, together with RMIR 2019-1, as applicable, the "Issuer") today announced the tender results of their previously announced offers to purchase (each an "Offer") any and all of the Mortgage Insurance-Linked Notes listed in the table below (the "Notes").


The Issuer has conducted each Offer in accordance with the conditions set forth in the relevant Offer to Purchase of each of RMIR 2019-1 and RMIR 2020-1 dated May 15, 2023 (each, as amended from time to time, an "Offer to Purchase") and related Notice of Guaranteed Delivery dated May 15, 2023 (collectively with the applicable Offer to Purchase, the "Offer Documents"). Capitalized terms used but not defined in this press release have the meanings ascribed to such terms in the Offer Documents.


As of 5:00 p.m., New York City time, on Friday, May 19, 2023, approximately $704 million aggregate original principal amount of the Notes had been validly tendered and not properly withdrawn as set forth in the table below."



"The settlement date for the Notes tendered and accepted for purchase in each Offer is expected to occur on Tuesday, May 23, 2023."

 

Certain Radnor Re Entities Announce Tender Offers for Any and All of Certain Outstanding of Series 2019-1 and 2020-1 Mortgage Insurance-Linked Notes


15 MAY 2023


Full announcement available via PRN


"HAMILTON, Bermuda, May 15, 2023 /PRNewswire/ -- Radnor Re 2019-1 Ltd. ("RMIR 2019-1") and Radnor Re 2020-1 Ltd. ("RMIR 2020-1" and, together with RMIR 2019-1, as applicable, the "Issuer") today announced that they have commenced a fixed-price cash tender offers (each an "Offer") for the purchase of any and all of the Mortgage Insurance-Linked Notes listed in the table below (the "Notes") beginning Monday, May 15, 2023.


BofA Securities, Inc. has been engaged as the sole dealer manager (the "Dealer Manager") for each Offer. The applicable Issuer is offering to purchase any and all of the related Notes listed below. The applicable Total Consideration to be paid by RMIR 2019-1 or RMIR 2020-1, as the case may be, to holders that tender Notes accepted for purchase pursuant to the Offer will be calculated based on the original principal amount of such tendered and accepted Notes, the applicable factor, and the applicable Tender Offer Consideration identified in the table below, plus any accrued and unpaid interest under the applicable Indenture upon the terms and subject to the conditions set forth in the relevant Offer to Purchase of each of RMIR 2019-1 and RMIR 2020-1 dated May 15, 2023 (with respect to each of RMIR 2019-1 and RMIR 2020-1, as amended from time to time, each an "Offer to Purchase") and related Notice of Guaranteed Delivery dated May 15, 2023 (collectively with the applicable Offer to Purchase, the "Offer Documents"). Capitalized terms used and not otherwise defined herein will have the meaning ascribed to such terms in the applicable Offer to Purchase.


The tender offer period will commence on Monday, May 15, 2023, and expire at 5 p.m. New York City time on Friday, May 19, 2023 (the "Expiration Time"), unless extended. Holders must validly tender their Notes at or prior to the Expiration Time. Notes validly tendered may be withdrawn at any time at or prior to 5 p.m., New York City time, on Friday, May 19, 2023, unless extended by the applicable Issuer, but not thereafter (except in certain limited circumstances where additional withdrawal rights are granted by such Issuer or otherwise required by law).


Holders whose Notes are purchased in each Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Settlement Date (as defined in applicable Offer to Purchase) for the Notes. The Issuers expect the Settlement Date to occur on Tuesday, May 23, 2023. Any Notes tendered using the Notice of Guaranteed Delivery and accepted for purchase are expected to be purchased on Wednesday, May 24, 2023, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date."


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