Published on 6/7/2016 in the Prospect News Investment Grade Daily.
New Issue: Voya Financial details sale of $800 million 10-, 30-year senior notes
By Lisa Kerner
Charlotte, N.C., June 7 – Voya Financial, Inc. priced a combined $800 million of 10- and 30-year senior notes on Monday, according to details of the issuance released in an FWP filing with the Securities and Exchange Commission.
Voya sold $500 million of 3.65% 10-year senior notes at 99.709 to yield 3.685%, or 195 basis points over Treasuries.
The company also priced $300 million of 4.8% senior notes due 2046 at 99.873 to yield 4.808%, or 225 bps over Treasuries.
Barclays, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Wells Fargo Securities LLC are the joint bookrunners.
Proceeds will be used to purchase outstanding notes and debentures of Voya and Voya Holdings Inc. and for general corporate purposes.
The notes are guaranteed by Voya Holdings.
Voya is a financial, retirement, investment and insurance company based in New York.
| Issuer: | Voya Financial, Inc.
|
| Guarantor: | Voya Holdings Inc.
|
| Issue: | Senior notes
|
| Amount: | $800 million
|
| Joint bookrunners: | Barclays, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, LLC, Wells Fargo Securities LLC
|
| Senior co-managers: | BMO Capital Markets Corp., BNP Paribas Securities Corp., Citigroup Global Markets Inc., ICBC Standard Bank plc, ING Financial Markets LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG, Mizuho Securities USA Inc.
|
| Co-managers: | BNY Mellon Capital Markets LLC, Commerz Markets LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, nabSecurities, LLC; PNC Capital Markets LLC, Scotia Capital (USA) Inc., Williams Capital Group LP, UniCredit Capital Markets LLC
|
| Trade date: | June 6
|
| Settlement date: | June 13
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | June 15, 2026
|
| Coupon: | 3.65%
|
| Price: | 99.709
|
| Yield: | 3.685%
|
| Spread: | Treasuries plus 195 bps
|
| Make-whole call: | Treasuries plus 30 bps
|
|
|
| 30-year notes
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| Amount: | $300 million
|
| Maturity: | June 15, 2046
|
| Coupon: | 4.8%
|
| Price: | 99.873
|
| Yield: | 4.808%
|
| Spread: | Treasuries plus 225 bps
|
| Make-whole call: | Treasuries plus 35 bps
|
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