RICHMOND, Va., March 7 /PRNewswire-FirstCall/ -- Genworth Financial
(NYSE: GNW) today announced that it has filed a registration statement with
the U.S. Securities and Exchange Commission (SEC) relating to the planned sale
by the General Electric Company (GE) of up to 82 million shares of Class A
common stock through a secondary public offering, and the simultaneous sale to
Citigroup Global Markets Inc., an affiliate of which intends to publicly offer
a security exchangeable for Genworth Class A shares.
In addition, Genworth announced its intent, subject to market conditions,
to repurchase directly from GE between $400 million and $500 million of
Genworth Class B common stock at the net price GE receives in the secondary
offering. The repurchase would close simultaneously with, and be contingent
upon, the closing of the secondary offering.
Upon completion of these transactions, GE would own approximately 51
percent of Genworth common stock if the underwriters' over-allotment option is
fully exercised. GE expects, subject to market conditions, to reduce its
ownership over the next two years as Genworth transitions to full
independence.
The global coordinator and bookrunner for the secondary offering is Morgan
Stanley. JPMorgan and Merrill Lynch are joint lead managers and bookrunners
for the secondary offering. Copies of the preliminary prospectus may be
obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New
York 10036.
A registration statement relating to Genworth's Class A common stock has
been filed with the SEC but has not yet become effective. These securities may
not be sold, nor may offers to buy be accepted, prior to the time the
registration statement becomes effective. This announcement shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
Genworth is a leading insurance holding company, serving the lifestyle
protection, retirement income, investment and mortgage insurance needs of more
than 15 million customers, with operations in 22 countries, including the
U.S., Canada, Australia, the U.K. and more than a dozen other European
countries. For more information, visit http://www.genworth.com.
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
report 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.
SOURCE Genworth Financial
CONTACT: Tom Topinka, +1-804-662-2444, Thomas.Topinka@genworth.com, or
for investors, Jean Peters, +1-804-662-2693, Jean.Peters@genworth.com, both of
Genworth Financial
Web site: http://www.genworth.com
(GNW)
