Radian Group Inc. filed SEC Form 8-K: Creation of a Direct Financial Obligation, Entry into a Material Definitive Agreement
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Item 1.01. Entry into a Material Definitive Agreement.
As previously disclosed, Radian Mortgage Capital LLC (Radian Mortgage Capital”), the wholly-owned indirect subsidiary of Radian Group Inc. (the “Company”), has entered into various master repurchase agreements (“MRA”) to finance the acquisition of residential mortgage loans and related mortgage loan assets. Among the master repurchase agreements, Radian Mortgage Capital is a party to an Uncommitted Master Repurchase Agreement, dated September 28, 2022, with Bank of Montreal (“BMO”), a Canadian Chartered bank acting through its Chicago Branch, and as amended to date (the “BMO MRA”), with a maximum borrowing amount of $400 million.
Also, as previously disclosed, the Company has entered into a Guaranty Agreement in favor of BMO dated September 28, 2022 (as amended to date, the “Guaranty Agreement”) to guaranty the obligations of Radian Mortgage Capital under the BMO MRA.
On September 10, 2024, Radian Mortgage Capital and BMO agreed to extend the termination date of the BMO MRA from September 25, 2024 to September 24, 2025 and the Company’s obligations under the Guaranty Agreement were simultaneously extended. The material terms of the BMO MRA and Guaranty Agreement otherwise remain unchanged.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RADIAN GROUP INC. | ||||||
| (Registrant) | ||||||
| Date: September 13, 2024 | ||||||
| By: | /s/ Liane Browne | |||||
| Liane Browne | ||||||
| Senior Vice President | ||||||