Loan & DebtNov 3, 2026, 04:22 PM
Radian Group Subsidiary Increases Credit Facility to $880M, Adds Parent Guarantee
AI Summary
Radian Group Inc. announced that its wholly-owned subsidiary, Inigo Corporate Member Limited (ICML), has amended and restated its letter of credit facility. The key changes include increasing the aggregate lender commitments from $620 million to $880 million and adding Radian Group Inc. as a guarantor. The facility supports ICML's underwriting obligations for its managed syndicate at Lloyd's of London and has a minimum term of four years, expiring by December 31, 2030. The agreement contains standard covenants and financial conditions, with potential default consequences outlined.
Key Highlights
- Radian Group Inc. subsidiary ICML amended its letter of credit facility, increasing aggregate lender commitments from $620 million to $880 million.
- Radian Group Inc. has been added as a guarantor to the facility, which supports ICML's underwriting obligations at Lloyd's of London.
- The amended facility has a minimum term of four years, expiring no later than December 31, 2030.
- The agreement includes customary representations, warranties, covenants, and financial covenants for ICML and Radian Group.
- Failure to comply with terms could trigger an event of default, potentially leading to termination of commitments or cash collateralization of letters of credit.
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