Genworth successfully wraps solicitation for 6½% notes due 2034

Chicago, Oct. 25 – Genworth Holdings Inc., a direct wholly owned subsidiary of Genworth Financial, Inc., announced the successful conclusion of its consent solicitation for its $276,103,000 outstanding 6½% senior notes due 2034 (Cusip: 37247DAB2) in a press release.

The company needed consents from bondholders representing a majority of the notes.

The consent solicitation will result in the amendment of the replacement capital covenant which permits the subsidiary to make certain repayments, redemptions or repurchases of its fixed-to-floating rate junior subordinated notes due 2066.

Going forward, post-consent solicitation, the issuer may now redeem $2,000 principal amount of notes due 2066 for each $1,000 principal amount of notes due 2034 repaid, redeemed or repurchased.

In connection with the transaction, Genworth Holdings repurchased $13.5 million of the notes due 2034 at prices negotiated with the holders for less than par.

The amendment covers the $13.5 million of notes due 2034 just repurchased.

The solicitation expired at 5 p.m. ET on Oct. 18.

No consent fee will be paid.

Global Bondholder Services Corp. (212 430-3774, contact@gbsc-usa.com) is the tabulation and information agent.

The financial security company is based in Richmond, Va.

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