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Genworth Financial Prices $1.9 Billion Debt Offering
Genworth Financial Prices $1.9 Billion Debt Offering

RICHMOND, Va.--June 9, 2004--Genworth Financial, Inc. today announced that it has priced a public offering of senior debt securities with an aggregate principal amount of $1.9 billion. The debt securities will be issued in four series:

  • Three-year notes due June 15, 2007, in an aggregate principal amount of $500 million and with a floating interest rate based on three-month LIBOR (London Interbank Offered Rate) plus 15 basis points per year.

  • Five-year notes due June 15, 2009, in an aggregate principal amount of $500 million and with an interest rate of 4.750% per year.

  • Ten-year notes due June 15, 2014, in an aggregate principal amount of $600 million and with an interest rate of 5.750% per year.

  • Thirty-year notes due June 15, 2034, in an aggregate principal amount of $300 million and with an interest of 6.500% per year.

As a result of hedging arrangements entered into with respect to these securities, Genworth's effective interest rates will be 3.5315% on the three-year notes, 4.478% on the five-year notes, 5.510% on the ten-year notes and 6.349% on the thirty-year notes.

The proceeds of this debt offering will be used to repay a portion of the outstanding borrowings under a $2.4 billion 180-day credit facility that Genworth entered into concurrently with the completion of its initial public offering on May 28, 2004.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Lehman Brothers Inc. are acting as joint bookrunning managers of this offering, which is expected to close on June 15, 2004.

In addition, Genworth announced today that the underwriters of its initial public offering of Class A Common Stock have exercised their over-allotment option to purchase an additional 1,440,000 shares of Class A Common Stock from a subsidiary of General Electric Company. Genworth will not receive any of the proceeds from these shares.

Registration statements relating to these public offerings were filed with and declared effective by the Securities and Exchange Commission. Each of these offerings is being made solely by means of a prospectus. This release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Copies of the final prospectus with respect to the debt securities, when they become available, may be obtained from Citigroup, Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, Brooklyn, NY 11220, tel. (718) 765-6732, Deutsche Bank Securities, Attn: Prospectus Department, 60 Wall Street, 4th Floor, New York, NY 10005, tel. (212) 250-2500 or Lehman Brothers, Attn: Fixed Income Syndicate, 745 Seventh Avenue, New York, NY 10019, tel. (212) 526-9664.

Copies of the final prospectus with respect to the Class A Common Stock may be obtained from Morgan Stanley, Attn: Prospectus Department, 1585 Broadway, New York, NY 10036, tel. (212) 761-4000, or Goldman, Sachs & Co., Attn: Prospectus Department, 85 Broad Street, NY, New York 10004, tel. (212) 902-1171.

About Genworth Financial

Genworth Financial (NYSE: GNW) is a leading insurance company in the United States, serving lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers in the United States, Canada, Australia, New Zealand, the United Kingdom and more than a dozen European countries.

Caution Concerning Forward-Looking Statements

This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to our plans, objectives, expectations and intentions and other statements contained in this document that are not historical facts as well as statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.

Contact Information:
Genworth Financial, Inc., Richmond
Jean Peters, 804/662-2693