HAMILTON, Bermuda, May 22, 2023 — 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approximately $704 million aggregate original principal amount of the Notes had been validly tendered and not properly withdrawn as set forth in the table below.
|
Series |
Notes |
144A CUSIP |
Reg S CUSIP |
ISIN |
Original |
Percentage of |
Original |
|
RMIR 2019-1 |
M-1B |
75049SAB9 |
G7341QAB4 |
US75049SAB97 |
$174,563,000 |
85.78 % |
$149,746,910 |
|
RMIR 2019-1 |
M-2 |
75049SAC7 |
G7341QAC2 |
US75049SAC70 |
$192,937,000 |
97.60 % |
$188,315,933 |
|
RMIR 2019-1 |
B-1 |
75049SAD5 |
G7341QAD0 |
US75049SAD53 |
$21,137,000 |
95.27 % |
$20,137,000 |
|
RMIR 2020-1 |
M-1B |
750493AB4 |
G73441AB6 |
US750493AB43 |
$133,675,000 |
90.99 % |
$121,625,000 |
|
RMIR 2020-1 |
M-1C |
750493AC2 |
G73441AC4 |
US750493AC26 |
$77,617,000 |
83.19 % |
$64,567,000 |
|
RMIR 2020-1 |
M-2A |
750493AD0 |
G73441AD2 |
US750493AD09 |
$125,051,000 |
97.60 % |
$122,051,000 |
|
RMIR 2020-1 |
M-2B |
750493AE8 |
G73441AE0 |
US750493AE81 |
$43,120,000 |
54.05 % |
$23,308,000 |
|
RMIR 2020-1 |
B-1 |
750493AF5 |
G73441AF7 |
US750493AF56 |
$21,560,000 |
65.04 % |
$14,023,000 |
The settlement date for the Notes tendered and accepted for purchase in each Offer is expected to occur on Tuesday, May 23, 2023.
BofA Securities, Inc. is the dealer manager for each Offer. For additional information regarding the terms of each Offer, please contact BofA Securities, Inc. at (980) 387-3907 or (888) 292-0070 (toll-free); Requests for the Offer Documents may be directed to Global Bondholder Services Corporation at (212) 430-3774 or (855) 654-2014 (toll-free).
This announcement does not constitute an invitation to participate in an Offer in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such Offer under applicable securities laws or otherwise. The distribution of materials relating to each Offer, and the transactions contemplated by each Offer, may be restricted by law in certain jurisdictions where it is legal to do so. Each Offer is void in all jurisdictions where it is prohibited. If materials relating to each Offer come into your possession, you are required by the applicable Issuer to inform yourself of and to observe all of these restrictions. The materials relating to each Offer do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that an Offer be made by a licensed broker or dealer and the Dealer Manager or any affiliate of the Dealer Manager is a licensed broker or dealer in that jurisdiction, such Offer shall be deemed to be made by the Dealer Manager or such affiliate on behalf of the applicable Issuer in that jurisdiction.
SOURCE Radnor Re 2019-1 Ltd. and Radnor Re 2020-1 Ltd.
