Voya Financial tenders for three note series, up to cap for fourth

By Susanna Moon

Chicago, Sept. 4 – Voya Financial, Inc. is offering to purchase four series of notes and debentures in two parts, with one for any and all of three series and the other for a maximum amount of the fourth issue.

The tender offers will end at 11:59 p.m. ET on Oct. 1.

In the any-and-all tender, pricing will be set using a reference security plus a fixed spread for a hypothetical total purchase price for each $1,000 principal amount of notes issued by Voya Holdings Inc. as follows:

• 7.25% debentures due Aug. 15, 2023 using the 2.75% Treasury bonds due Aug. 31, 2023 plus 35 basis points for a hypothetical total purchase price of $1,188.17;

• 7.625% debentures due Aug. 15, 2026 using the 2.875% Treasury bonds due Aug. 15, 2028 plus 75 bps for a hypothetical total purchase price of $1,275.38; and

• 6.97% debentures due Aug. 15, 2036 using the 3.125% Treasury bonds due May 15, 2048 plus 115 for a hypothetical total purchase price of $1,356.40.

In the capped offer, Voya is offering to purchase its 5.5% senior notes due 2022 for an amount equal to any amount of $325 million over the amount paid excluding accrued interest to purchase the debentures tendered in the any-and-all tender, according to an announcement.

Pricing for the 5.5% notes will be set using the 1.75% Treasury bonds due June 30, 2022 for a hypothetical total purchase price of $1,079.96 per $1,000 principal amount.

The hypothetical pricing has been set at 11 a.m. ET on Aug. 31, assuming an early settlement date of Sept. 19 and a final settlement date of Oct. 3.

The total amount will include an early tender premium of $30.00 for each $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Sept. 17.

Holders will also receive accrued interest.

Tendered notes may be withdrawn before the early deadline.

Pricing has been scheduled for 11 a.m. ET on Sept. 18.

The tenders contain a financing condition.

Voya plans to redeem some or all of the 2022 notes that remain outstanding after the offer but is not obliged to do so, according to a press release.

Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), BofA Merrill Lynch (888 292-0070 or 980 387-3907) and RBC Capital Markets, LLC (866 375-6829 or 212 618-7706) are the dealer managers. Ipreo LLC (212 849-3880, 888 593-9546 or tenderoffer@ipreo.com) is the tender agent and information agent.

Voya is a New York-based retirement, investment and insurance company.

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