Essent Group Ltd. (NYSE: ESNT) announced today that its wholly-owned subsidiary, Essent Guaranty, Inc., has obtained $399.2 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written in September 2019 through July 2020 from Radnor Re 2020-2 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2020-2 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

Radnor Re 2020-2 Ltd. has funded its reinsurance obligations through the issuance of five classes of mortgage insurance-linked notes, with 10-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.

The mortgage insurance-linked notes issued by Radnor Re 2020-2 Ltd. consist of the following five classes:

  • $79,832,000 Class M-1A Notes with an initial interest rate of one-month LIBOR plus 315 basis points;

  • $93,137,000 Class M-1B Notes with an initial interest rate of one-month LIBOR plus 400 basis points;

  • $93,137,000 Class M-1C Notes with an initial interest rate of one-month LIBOR plus 460 basis points;

  • $99,790,000 Class M-2 Notes with an initial interest rate of one-month LIBOR plus 560 basis points;

  • $33,263,000 Class B-1 Notes with an initial interest rate of one-month LIBOR plus 760 basis points;

The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the aforementioned securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release may include “forward-looking statements” which are subject

BEIJING, Sept. 29, 2020 /PRNewswire/ — Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), China’s leading online media, video, search and gaming business group, announced today that its subsidiary Sogou Inc. (NYSE: SOGO) (“Sogou”) has entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with THL A21 Limited (“THL”), TitanSupernova Limited (“Parent”), and Tencent Mobility Limited (“TML”) (THL, Parent, and TML, collectively, the “Tencent Parties”), each of which is a direct or indirect wholly-owned subsidiary of Tencent Holdings Limited (“Tencent“), pursuant to which Parent will be merged with and into Sogou in an all-cash transaction (the “Merger”), and Sogou will become an indirect wholly-owned subsidiary of Tencent.¬†

Sohu logo. (PRNewsFoto/ Inc.)
Sohu logo. (PRNewsFoto/ Inc.)

The Company also announced today that on or about the same time as Sogou entered into the Merger Agreement, the Company, which is currently Sogou’s indirect controlling shareholder through the Company’s wholly-owned subsidiary (Search) Limited (“Sohu Search”), and Sohu Search have entered into a share purchase agreement with Parent (the “Share Purchase Agreement”), pursuant to which Sohu Search has agreed to sell all of the Sogou Class A ordinary shares (each, a “Sogou Class A Ordinary Share”) and Sogou Class B ordinary shares owned by it to Parent (the “Share Purchase”) at a purchase price of $9.00 per share, which is equal to the per-share Merger Consideration (as defined below) under the Merger Agreement.¬† If the Share Purchase is completed, Sohu Search will receive aggregate consideration of approximately $1.18¬†billion in cash, and Sohu will no longer have any beneficial ownership interest in Sogou.

Upon the effectiveness of the Merger, outstanding Sogou Class A Ordinary Shares, including Sogou Class A Ordinary Shares represented by American depositary shares (“Sogou ADSs”), other than Excluded Shares (as defined in the Merger Agreement),