Voya Financial sees $199.77 million tenders in offers for four series

By Wendy Van Sickle

Columbus, Ohio, Oct. 2 – Voya Financial, Inc. announced the final results of its tender offers for four series of notes and debentures on Tuesday, according to a press release.

Holders tendered a total of $5,244,000 of 7.25% debentures due Aug. 15, 2023; $38,293,000 of 7.625% debentures due Aug. 15, 2026; $14,875,000 of 6.97% debentures due Aug. 15, 2036; and $141,356,000 of 5.5% senior notes due 2022 by the final deadline of 11:59 p.m. ET on Oct. 1.

On Sept. 18, the company announced that it was extending the early tender deadline from 5 p.m. ET on Sept. 17 to coincide with the end of the offers.

As announced Sept. 4, the issuer was 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.

Voya said on Tuesday that it expects to accept all securities validly tendered under the offer.

Settlement is planned for Oct. 3.

In the any-and-all tender, pricing was set at 11 a.m. ET on Sept. 18 using a reference security plus a fixed spread for a 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 total purchase price of $1,177.57;

• 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 $1,259.40; and

• 6.97% debentures due Aug. 15, 2036 using the 3.125% Treasury bonds due May 15, 2048 plus 115 bps for a hypothetical total purchase price of $1,326.91.

In the capped offer, Voya was 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.

Pricing for the 5.5% notes was set at 11 a.m. ET on Sept. 18 using the 1.75% Treasury bonds due June 30, 2022 for a total purchase price of $1,073.61 per $1,000 principal amount.

Each total amount includes an early tender premium of $30.00 for each $1,000 principal amount of notes, which will be paid to all noteholders after the extension of the early deadline.

Holders will also receive accrued interest.

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 previous 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.