* To buy securities for $76.9 mln
* Says one of the three tender offers was unsuccessful
* Shares up more than 11 pct
Jan 4 - Mortgage insurer Radian Group Inc (RDN.N) said it completed two of the three tender offers for certain preferred securities issued by custodial trusts, related to a contingent-capital program of its financial guaranty subsidiary.
Radian shares rose more than 11 percent in mid-day trade following the announcement.
As part of the transaction, Radian said it will buy all the validly tendered securities, for a total consideration of $76.9 million. Each security, carrying a face value of $100,000, was priced at $35,000, it added.
A condition for the success of the offer for each series of securities was the tender of a majority of the securities.
Radian said about 65 percent of Market Street Custodial Trust II securities and 88 percent of Market Street Custodial Trust III securities, were validly tendered in the offer.
Radian said it would return the tendered securities of Market Street Custodial Trust I as only about 45 percent of its outstanding shares were tendered.
In November last year, Radian had commenced separate tender offers to purchase securities issued by three custodial trusts related to the contingent capital program of its unit Radian Asset Assurance Inc.
Radian shares were trading up 11.0 percent at $8.13 in mid-day trade on the New York Stock Exchange. (Reporting by Brenton Cordeiro in Bangalore, Editing by Dinesh Nair) ((firstname.lastname@example.org; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: email@example.com))