(Bloomberg) -- Radian Group Inc., the largest U.S. mortgage insurer, raised $258.5 million by selling shares below yesterday’s closing price to help pay for the acquisition of Clayton Holdings.
Radian sold 17.8 million shares for $14.50 apiece, the Philadelphia-based company said. The stock gained 5.6% to $14.83 in New York trading before yesterday’s announcement.
The mortgage insurer announced this week that it had agreed to buy Clayton for $305 million to expand outsourcing services for the home-lending industry. Radian also sold $300 million in debt as part of the deal.
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