Radian Group Inc. announced that its wholly-owned subsidiary, Inigo Corporate Member Limited (ICML), has entered into an amended and restated letter of credit facility, increasing the aggregate lender commitments to $880 million from $620 million. The agreement, effective October 29, 2026, also adds Radian Group as a guarantor for the facility, which supports ICML's underwriting operations at Lloyd's of London.
Key Details
- Increased Facility Size: The total commitment from the syndicate of participating banks was increased by $260 million, from $620 million to $880 million.
- Guarantor Changes: Radian Group Inc. has been added as the new parent guarantor for the facility's obligations, replacing its subsidiary, Inigo Limited, which was removed as a guarantor.
- Purpose and Term: The letters of credit will support ICML’s underwriting for the 2027 underwriting year and prior open years at Lloyd's. The facility has a minimum term of four years with an expiration date no later than December 31, 2030.
- New Covenants: As the new guarantor, Radian Group is now subject to financial covenants, including limitations on its ability to incur debt, make investments, create liens, and pay dividends, consistent with its existing revolving credit facility.