RICHMOND, Va., Sept. 14 /PRNewswire-FirstCall/ -- Genworth Financial
(NYSE: GNW) today announced that General Electric Company (GE) plans to sell
60 million shares of Genworth's Class A common stock in an underwritten public
offering. GE also plans to sell 21 million shares to Citigroup Global Markets
Inc., an affiliate of which intends to publicly offer securities exchangeable
for Genworth Class A shares. GE intends to grant over-allotment options to
permit the underwriters of the common stock offering to purchase an additional
9 million shares and to permit Citigroup Global Markets Inc. to purchase an
additional 3.15 million shares.
Upon completion of these transactions, GE would own approximately 32
percent of Genworth's common stock, if the underwriters' over-allotment
options in both offerings are fully exercised. Genworth will not receive any
proceeds from either transaction.
The global coordinator and bookrunner for the common stock offering is
Morgan Stanley, and Bank of America Securities, JP Morgan and Merrill Lynch
are joint lead managers and bookrunners. Interested parties may obtain a
written prospectus relating to the common stock offering from Morgan Stanley &
Co. Incorporated, 1585 Broadway, New York, New York 10036. Citigroup Global
Markets Inc. is the sole bookrunner of the offering of the exchangeable
securities. Interested parties may obtain a written prospectus relating to
the exchangeable securities offering from Citigroup, Brooklyn Army Terminal,
140 58th Street, 8th floor, Brooklyn, New York 11220.
This announcement does not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state in which the offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
that state.
About Genworth Financial
Genworth Financial (NYSE: GNW) 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 24
countries, including the U.S., Canada, Australia, the U.K. and more than a
dozen other European countries. The company has more than 6,500 employees
worldwide. 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: Investors: Alicia Charity, +1-804-662-2248,
Alicia.Charity@genworth.com, or Anthony Attard, +1-804-281-6148,
Anthony.Attard@genworth.com; or Media: Neal McGarity, +1-804-662-2534,
Neal.McGarity@genworth.com, all of Genworth Financial
