Genworth Announces Completion of Bondholder Consent Solicitation
25 Ottobre 2023 - 10:15PM
Business Wire
Genworth Financial, Inc., (NYSE: GNW) today announced that
Genworth Holdings, Inc. (“Holdings”), a directly wholly-owned
subsidiary of Genworth Financial, Inc., successfully completed a
consent solicitation from bondholders representing a majority in
principal amount of its Senior Notes due 2034 (the “2034 Notes”) to
amend the Replacement Capital Covenant, dated as of November 14,
2006 (the “RCC Amendment”) which permits Holdings to make certain
repayments, redemptions or repurchases of its Fixed-to-Floating
Rate Junior Subordinated Notes due 2066 (the “2066 Notes”). In
connection with this transaction, Holdings repurchased $13.5
million principal amount of its 2034 Notes at prices negotiated
with the noteholders below par value.
“This transaction provides Genworth with greater financial
flexibility to optimally allocate capital,” said Jerome Upton,
Executive Vice President and CFO. “While we have announced that our
primary use of capital is returns to shareholders through our share
repurchase program and investments in our CareScout business,
Genworth has a successful track record of paying down debt, which
we will seek to do opportunistically when it is accretive to
shareholder value.”
The RCC Amendment permits the repayment, redemption or
repurchase of 2066 Notes such that for each $1,000 principal amount
of 2034 Notes repaid, redeemed or repurchased by Holdings on or
after October 23, 2023 (including the $13.5 million principal
amount just repurchased), Holdings may repay, redeem or repurchase
$2,000 principal amount of 2066 Notes. The RCC Amendment does not
modify in any respect the 2034 Notes or the indenture governing the
2034 Notes.
About Genworth Financial Genworth Financial, Inc. (NYSE:
GNW) is a Fortune 500 company focused on empowering families to
navigate the aging journey with confidence, now and in the future.
Headquartered in Richmond, Virginia, Genworth provides guidance,
products, and services that help people understand their caregiving
options and fund their long-term care needs. Genworth is also the
parent company of publicly traded Enact Holdings, Inc. (Nasdaq:
ACT), a leading U.S. mortgage insurance provider. For more
information on Genworth, visit genworth.com, and for more
information on Enact Holdings, Inc. visit enactmi.com.
Cautionary Note Regarding Forward-Looking Statements This
press release contains certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will," or words of similar meaning and include, but
are not limited to, statements regarding the outlook for future
business and financial performance of Genworth Financial, Inc.
(Genworth) and its consolidated subsidiaries. Examples of
forward-looking statements include statements Genworth makes
relating to potential dividends or share repurchases; future
reductions of debt; future return of capital by Enact Holdings,
Inc., including share repurchases, and quarterly and special
dividends; future financial performance and condition of Genworth’s
businesses; liquidity and future strategic investments, including
new senior care services and products; and future business and
financial performance of CareScout LLC. Forward-looking statements
are based on management’s current expectations and assumptions,
which are subject to inherent uncertainties, risks, and changes in
circumstances that are difficult to predict. Actual outcomes and
results may differ materially due to global political, economic,
business, competitive, market, regulatory, and other factors and
risks, as well as risks discussed in the risk factor section of
Genworth’s Annual Report on Form 10-K, filed with the United States
Securities and Exchange Commission on February 28, 2023. Genworth
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231023608805/en/
Investors: InvestorInfo@genworth.com
Media: Amy Rein Amy.Rein@genworth.com
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