UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
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| Item 1.01. | Entry into a Material Definitive Agreement. |
As previously disclosed, on July 15, 2022, Radian Group Inc. (the “Company”) entered into a Guaranty Agreement (the “Parent Guaranty”) in favor of Goldman Sachs Bank USA (“Goldman”) to guaranty the obligations of its subsidiaries Radian Mortgage Capital LLC ( “RMC”) and its wholly-owned subsidiary Radian Liberty Funding LLC (“Liberty”) in connection with a mortgage loan repurchase facility that RMC and Liberty entered into with Goldman pursuant to that certain Master Repurchase Agreement (the “MRA”), dated July 15, 2022, among Liberty, Goldman and RMC (the “Mortgage Financing Facility”). In addition to the Parent Guaranty, RMC guaranteed the obligations of Liberty under the MRA pursuant to a Guaranty and Security Agreement (the “RMC Guaranty”). The Mortgage Financing Facility is used to finance RMC’s acquisition of residential mortgage loan assets from correspondent lenders, subject to market conditions. The Mortgage Financing Facility is uncommitted, and Goldman is under no obligation to fund the purchase of any residential mortgage loan assets under this facility.
Also, as previously disclosed, on July 13, 2023, RMC, Liberty and Goldman entered into Amendment No. 1 to the MRA to extend the MRA termination date from July 14, 2023 to September 14, 2023 and to voluntarily reduce the size of the Mortgage Financing Facility from $300 million to $100 million.
On September 14, 2023, RMC, Liberty and Goldman entered into Amendment No. 2 to the MRA (the “Goldman MRA Amendment No. 2”) to extend the MRA termination date from September 14, 2023 to November 14, 2023. In all other respects the terms of the Mortgage Financing Facility, including the Parent Guaranty and the RMC Guaranty, remain unchanged.
The foregoing summary is qualified in its entirety by reference to the full text of the Goldman MRA Amendment No. 2, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| 10.1 | Amendment No. 2 to Master Repurchase Agreement, dated as of September 14, 2023, by and among Goldman Sachs Bank USA, Radian Liberty Funding LLC and Radian Mortgage Capital LLC | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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 15, 2023 | ||||||
| By: | /s/ Liane Browne | |||||
| Liane Browne | ||||||
| Deputy General Counsel | ||||||