Davis Polk acted as special product counsel for Morgan Stanley & Co. Incorporated as the sole book-running manager and representative of the underwriters on a registered public offering by Radian Group Inc. of $450 million aggregate principal amount of 3.00% convertible senior notes due 2017 (which included the full exercise of the over-allotment option). In addition, Davis Polk advised the counterparty to capped call transactions with Radian Group in connection with the convertible senior notes offering.
Based in Philadelphia, Pennsylvania, Radian Group is a credit enhancement company with a primary strategic focus on domestic, first-lien residential mortgage insurance.
The Davis Polk corporate team included partner John M. Brandow and associates Jonathan Armstrong and Jay A. Osha. The tax team included partner Po Sit and associate Andrew Teruo Hayashi. All members of the Davis Polk team are based in the New York office.
