Published on 6/26/2017 in the Prospect News Investment Grade Daily.
New Issue: Voya Financial prices $400 million 3.125% seven-year notes at 120 bps spread
By Cristal Cody
Tupelo, Miss., June 26 – Voya Financial, Inc. sold $400 million of 3.125% seven-year senior notes on Monday at a spread of Treasuries plus 120 basis points, on the tight side of talk that had been set in the Treasuries plus 125 bps area, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB/BBB) priced at 99.699 to yield 3.173%.
Citigroup Global Markets Inc., Scotia Capital (USA) Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp. and Commerzbank Capital Markets LLC were the bookrunners.
The notes are guaranteed by Voya Holdings Inc.
Proceeds will be used to redeem a portion of the company’s senior notes due 2018.
Voya is a financial, retirement, investment and insurance company based in New York.
| Issuer: | Voya Financial, Inc.
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| Guarantor: | Voya Holdings Inc.
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| Amount: | $400 million
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| Description: | Senior notes
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| Maturity: | July 15, 2024
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| Bookrunners: | Citigroup Global Markets Inc., Scotia Capital (USA) Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp. and Commerzbank Capital Markets LLC
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| Senior co-managers: | Barclays, BMO Capital Markets Corp., Deutsche Bank Securities Inc., ICBC Standard Bank Plc, ING Financial Markets LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc.
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| Co-managers: | BNY Mellon Capital Markets, LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, nabSecurities, LLC, PNC Capital Markets LLC, UniCredit Capital Markets LLC and Williams Capital Group, LP
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| Coupon: | 3.125%
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| Price: | 99.699
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| Yield: | 3.173%
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| Spread: | Treasuries plus 120 bps
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| Call features: | Make-whole call before May 15, 2024 at Treasuries plus 20 bps; thereafter at par
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| Trade date: | June 26
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| Settlement date: | July 5
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| Ratings: | Moody's: | Baa2
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| S&P: | BBB
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| Fitch: | BBB
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 125 bps area, plus or minus 5 bps
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